The Council on Revenues forecast today was projected at 11.5 percent revenue growth for fiscal year 2012, down from its earlier projection of 14.5 percent. Last month, Governor Neil Abercrombie submitted his supplemental budget, which reflected a conservative approach in the event projections fell.
Following the Council's report, Governor Abercrombie stated the following:
"The core of our supplemental budget remains solid due in large part to the administration's strong financial management practices and $85 million in savings that were realized over the last year. These new projections reflect the soundness of recapitalization of the Rainy Day and Hurricane Relief funds this year.
"We will work with the Legislature as the supplemental budget session begins so that we continue to move forward on a positive track. We'll await the next Council projection as the Legislative session proceeds."