Council on Revenues forecast lower than expected
The state Council on Revenues lowered its revenue forecast today to a 2.5
percent decline for the fiscal year that ends in June, compared to the 1.5
percent decline the council predicted August.
The council predicted a 7.6 percent revenue increase for fiscal year 2011,
compared to a 6.5 percent growth estimate in August.
Overall, the new forecast would increase the state's budget deficit by about
$40 million over two years. The state had previously been projecting a
deficit of about $1 billion through June 2011.
The council's forecasts are used by Gov. Linda Lingle and state lawmakers
when drafting the state budget.
Lingle is expected to announce her proposed supplemental budget soon.
Lawmakers will review the governor's proposal during the next session of the
state Legislature that starts in January.