Business Report: The new Council on Revenues forecast

HONOLULU (HawaiiNewsNow) - The Council on Revenues is a roomful of economic oracles who have polite arguments several times a year about what the island economy is doing. Then they make an official prediction of what will happen to state tax revenues. And the state budget must by law be based on that forecast. If they're right, the budget will balance. In January they raised their forecast. Yesterday they raised it again.

Now they're predicting: 5.3% revenue growth this fiscal year. 4.5% more growth in the next fiscal year 4% the year after that.

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