MEDIA RELEASE

The state Council on Revenues has announced an increase in the projection for collective tax revenue growth for fiscal year 2011 from 2% to 3% or $43.6 million.

Gov. Neil Abercrombie acknowledged the projected growth by reaffirming his Administration’s efforts toward economic recovery.

“Today’s projections by the Council on Revenues do not lessen the financial hardships that our families and businesses face right now,” Abercrombie said. “This Administration will remain focused on economic recovery by creating jobs and restoring government services. We will achieve this by working together with lawmakers, business and community leaders.”

In order for the 3% rate of growth to be actualized in the current fiscal year, revenues must reflect a 7% rate of growth for the remaining seven months in the fiscal year.

Interim Budget and Finance Director Kalbert Young said, “The Council on Revenues’ advisement is a positive sign that the overall state economy is rebounding. We must remain cautiously optimistic and hope that these initial signs are improvements that will be sustained in the longer term. The attar still has significant challenges and issues to deal with in the near term and very significant fiscal and financial problems to address in the longer term.”