The people of O'ahu, by a majority vote, expressed their favor for a steel-on-steel transit system to help meet the needs of Oçahu’s commuters. But that vote also represented a decision to invest — and entrust — $5.3 billion in taxpayer funds with the city to design and build the system.

Keeping project financing projections under wraps, even if they’re a moving target, was not the best way for city officials to respond to that trust. The most expensive public-works project in the state’s history needs to move forward in the most transparent way possible, even amid frequently shifting economic circumstances. That duty rests squarely with the sitting administration.
The Advertiser’s Sean Hao this week unveiled a May 1 report sent to the Federal Transit Administration, the agency weighing the city’s bid to receive federal funds to help build the system. In it, the city projected that tax revenues for the local portion of the financing would fall about $500 million short of what’s needed to complete the project. The taxes accrue from a half-percent surcharge on general excise taxes paid on Oçahu.
Wayne Yoshioka, transportation director, said the report had not been released because it was considered preliminary. FTA officials also underscored that the data are already outdated.
But there was no reason the City Council couldn’t have been clued in, at least in general terms, that project revenue projections were slipping. And the Council, often obstructionist in the past, should do its part to encourage such collaboration.
That said, it’s important to keep the right perspective about budgetary projections. The shortfall should not be a surprise to anyone, as taxes have plummeted in the last year.
Additionally, course corrections can be made over the years of rail development. The report includes some of the city’s suggested adjustments, which deserve consideration — particularly the proposal to reclaim the 10 percent of tax revenues still being siphoned off by the state for the administration of the separate county tax surcharge. That administrative fee has always been excessive and it needs to stop now. The added tax was specifically to finance the rail, not to plug holes in the state budget. The bottom line is that taxpayers should get what they paid for: financing for the rail project.
They also deserve to know about twists and turns in the emerging financial plans for the system, wherever they lead.