Hawaii revenue forecast cut by 50%
The Council on Revenues lowered its growth forecast on Thursday, which will lead to more restrictions on state spending.
The council said that state tax revenues will grow 1 percent during the fiscal year, which began July 1, down from the 2 percent growth prediction given in May. The revision will result in a loss of approximately $46.4 million in revenue.
The forecast for fiscal year 2010 also was lowered from 4.3 percent to 4 percent, a loss of approximately $16 million. The council cited the slump in visitor arrivals for the revisions free credit report and score.