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MEDIA RELEASE Gov. Neil Abercrombie and Finance Director Kalbert Young have commented on the adjusted forecast from the state Council on Revenues. Abercrombie said: “The outcome of (Thursday’s) meeting is another reason for us to remain optimistic about Hawaii’s strong and vibrant economy. “Due to sound fiscal management, our financial house continues to be on […]

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MEDIA RELEASE Gov. Neil Abercrombie responded to the state Council on Revenues revised forecast reaffirming its previous General Fund tax revenue projection for the current fiscal year and increasing its projections for the next three fiscal years. For the upcoming biennium, tax revenue is projected to grow 8 percent in 2014 and then 7 percent […]

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MEDIA RELEASE Gov. Neil Abercrombie has responded to the state Council on Revenues (COR) forecast revisions that included an increase to its previous projection for 2013 General Fund tax revenues from 5.1 to 6.7 percent growth and additional increases over the next two years. Also, for 2014, the forecast for revenues was upgraded to 7.3 […]

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MEDIA RELEASE The Council on Revenues forecast on Thursday, Jan. 5 was projected at 11.5 percent revenue growth for fiscal year 2012, down from its earlier projection of 14.5 percent. Last month, Gov. Neil Abercrombie submitted his supplemental budget, which reflected a conservative approach in the event projections fell. Following the Council’s report, Abercrombie said: […]

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MEDIA RELEASE The Council on Revenues (COR) Tuesday projected a lower economic forecast for the current and upcoming fiscal years. The state Council on Revenues issued its quarterly general fund forecast, which includes revenue growth of 14.5 percent in the fiscal year that ends June 30, 2012, up from 11 percent the council predicted in […]

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https://hawaii247.com/wp-content/uploads/2010/02/StateSealBug.jpg 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 […]

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Karin Stanton | Hawaii 24/7 Editor The state Council on Revenues reported Tuesday it has lowered its forecast for the year, now predicting a 1.6 percent decline in revenues. Earlier this month, the council forecast 0.5 percent growth, but reconsidered after a dip in last month’s tax collections. Tuesday’s revision means the state budget deficit […]

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MEDIA RELEASE The Council on Revenues has lowered its projections for fiscal year 2011 by 2.5 percent. Gov. Neil Abercrombie released the following statement following the announcement Thursday, March 10: “I have presented proposals to make structural financial changes to face the ongoing economic challenges. Today’s Council on Revenues confirms my Administration’s concern that we […]

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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, […]

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The Council on Revenues on Thursday, March 11 kept the state’s revenue forecast for the current fiscal year at a 2.5 percent decline. The council also reduced the forecast for the fiscal year that begins July 1 to 6 percent growth, down from 7.6 percent growth. That means a $48 million loss for the state. […]

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MEDIA RELEASE As residents and businesses across the state are finding innovative ways to cope with today’s economic challenges, Gov. Linda Lingle highlighted her Administration’s efforts to improve Hawaii’s economy with business leaders at the Hawaii Business Magazine Top 250 Luncheon as well as the Honolulu Association of Insurance Professionals monthly luncheon. “Since March 2008, […]

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MEDIA RELEASE Gov. Linda Lingle issued the following statement in response to the Department of Taxation’s report on general fund tax revenue collections for August.    The latest general fund revenue collection report gives us a true picture of the state’s financial status. I am very concerned that in the first two months of the […]

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MEDIA  RELEASE Gov. Linda Lingle announced Friday she will hold an emergency meeting with her cabinet directors over the weekend to identify additional spending reductions needed to close the growing budget shortfall.   The reductions will likely include additional layoffs in order to realize labor savings.  “In light of the additional $98 million revenue shortfall […]

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MEDIA RELEASE The state Department of Taxation has released the final tax revenues for fiscal year 2009, which show general fund revenue collections decreased by $436.1 million or 9.4 percent compared to fiscal year 2008. The final tax collections represent $56.7 million additional general fund revenue loss compared to what the Council on Revenues had […]

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