Categorized | Government, News

State economic forecast unchanged; no special session

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Karin Stanton | Hawaii 24/7 Editor

The state Council on Revenues made no changes to its economic forecasts for the current and upcoming fiscal years.

The Council on Thursday predicted a revenue loss of 1.6 percent for the fiscal year that ends June 30, but was confident enough to predict an 11 percent growth in the next fiscal year.

The latest forecast means the state Legislature won’t be called in to special session. Lawmakers approved budgets for the next two years, totaling $11 billion and $10.9 billion.

In March, the council lowered its forecast for this year from 0.5 percent growth to a decline of 1.6 percent.

In response to Thursday’s unanimous vote, Gov. Neil Abercrombie said he had no plans to call for a special session.

“My Administration remains committed to working with the budget that we have. That has not changed,” he said.

“In recent weeks, we have formed new partnerships that invest in Hawaii in the spirit of lokahi. These partnerships include a $10 million grant from the Harold K.L. Castle Foundation for education initiatives and Conservation International’s $2 million commitment towards the state’s fisheries enforcement,” Abercrombie said. “We are moving the economy in a positive direction and getting things done to fix government. Our New Day plan is on track.”

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