Council on Revenues Forecast: Unanimous vote for no change - Hawaii News Now - KGMB and KHNL

Council on Revenues Forecast: Unanimous vote for no change

Paul Brewbaker Paul Brewbaker

HONOLULU (HawaiiNewsNow) - The State Council on Revenues has decided to leave its last forecast alone.

The decision by the council was being watched closely on Thursday because a downward revision in its economic forecast could have resulted in a special session of the legislature.

In a packed conference room, council members decided unanimously not to change its last forecast.

It still predicts a loss of 1.6 percent for the current fiscal year, but it keeps an 11 percent increase for the coming fiscal year, which actually comes from the delay in tax refunds.

"It changes the optics, but it doesn't change the underlying trend, which is gradual, not particularly impressive economic recovery transitioning to what we believe is sustainable economic expansion," said Paul Brewbaker, Council on Revenues Chair.

There had been talk that if the council had revised its forecast downwards substantially, the state legislature would have to go into a special session to redo the budget.

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