Hawaii’s tax revenue projection adjusted for slower growth
HONOLULU (AP) - Hawaii officials have scaled back the state’s tax revenue projection as the economy grows slower than last year.
The Honolulu Star-Advertiser reports the state Council on Revenues voted to reduce its projection of growth in state tax collections this year from 5 to 4.2 percent.
The reduction means the state might have $55 million less to spend than expected.
The council, made up of economists and other experts, predicts how much the state will collect in taxes each year. Its projections inform the budgeting process for the state.
Gov. David Ige's administration expects to have a $643 million surplus when the fiscal year ends in June.
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