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Abercrombie welcomes revenue forecast increase

January 4, 2013
The Associated Press

HONOLULU (AP) - Hawaii Gov. Neil Abercrombie is welcoming an upward revision to the state's revenue forecast.

The governor said in a statement Thursday that the budget proposal his administration has submitted to the Legislature takes into account the Council on Revenue's forecast.

But the administration is concerned that revenue and economic growth will begin to level out three years from now. It also believes that the state will need to address possible federal spending cuts.

The council now estimates that state revenue will grow 5.1 percent in the fiscal year starting in July, up from 4.9 percent growth forecast in September.

The council believes revenue will climb 6.8 percent during the fiscal year starting in July 2014, up from 3.9 percent in its previous estimate.



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