MEDIA RELEASE

Gov. Neil Abercrombie met Wednesday with House and Senate leadership to continue discussions on the state budget. Last week, the Council on Revenues (COR) lowered its growth projection for fiscal year 2011 to 0.5 percet. However, due to recent global events including the recent earthquake and tsunami in Japan, the Governor is requesting the COR to reconvene to consider revising their projections so that lawmakers have the best and most current estimates.

The governor released the following statement:

“The state’s fiscal challenge may be greater than we thought due to events that happened since the Council on Revenues made its most recent report.

“My cabinet and I along with the legislature are working together to ensure that we adequately address the immediate shortfall and the budget for the next two years, while still providing the government services that people expect. Raising the rate of the general excise tax is not currently being considered. We are exploring many other options and discussions have been positive.

“Together we will overcome this challenge, I am confident in that.”