MEDIA RELEASE

The state Council on Revenues on Thursday, May 27 predicted 0.5 percent growth ($150 million) in tax revenue for the fiscal year ending June 30, up from the previous forecast of a 2.5 percent decline.

The council also predicted an 8 percent increase in the state’s economy for next fiscal year.

In response, Linda Lingle issued the following statement:

“We are pleased that the Council on Revenues is now forecasting improved revenue collections. The latest projection reflects an improving economy and is an encouraging sign that Hawaii is headed in the right direction. While the upward adjustment is positive, we need to remain focused on creating jobs, stimulating our economy and monitoring the state’s cash flow.”