Posted on: Saturday, April 9, 2005

Economy cited for revenue boost

Advertiser Staff

General fund revenues during the first nine months of the fiscal year are up 15.5 percent from the same period a year ago, according to the latest figures from the Department of Taxation. In all, the state has collected $2.88 billion, up from the $2.49 billion collected through March 2004.

General excise and use taxes, the single largest category of collections, was up 11.6 percent from $1.42 billion to $1.58 billion. Individual and corporate income tax collections also were up, as were collections from the hotel room tax.

Tax Director Kurt Kawafuchi attributed the increases to the continued robust economy.

The Council on Revenues, which provides the cash intake forecast on which state officials base the budget, has projected the state coffers will grow by 10 percent during fiscal year 2005, which ends on June 30.