The Council on Revenues (COR) today projected a lower economic forecast for the current and upcoming fiscal years.
Governor Neil Abercrombie acknowledged the economic challenges but remains confident that the Council's actions can be accommodated under the state's current financial plan and released the following statement:
"The continued uncertainty in the economy, as reflected in today's outlook from the Council on Revenues -- and recent forecasts from the University of Hawai'i Economic Research Organization and state Department of Business, Economic Development, and Tourism -- underscores federal government instability and concerns about the strength of foreign economies.
"My Administration has put in place strategic plans that account for necessary revenue adjustments.
"Hawai'i needs to continue sound fiscal policies that will enable economic growth that addresses our financial challenges, cares for our environment, invests in people, and creates the good jobs that will keep future generations here in Hawai'i.
"We need to continue forging ahead with our administration's plan to spark immediate job growth through public works projects; build a sustainable economy in Hawai'i including in clean energy, food security and broadband; and carefully manage our tax dollars."