The Council on Revenues tweaked its state revenue forecast downward today despite numerous economic indicators pointing to an upward trend. HPR’s Wayne Yoshioka reports.
Wayne Yoshioka is an award-winning journalist who has worked in television, print and radio in Hawaiʻi. He also has been on both sides of politics as a state departmental appointee and political/government reporter. He covered Hurricane Iwa (1982) as a TV reporter; was the State Department of Defense/Civil Defense spokesperson for Hurricane Iniki (1992); and, commanded a public affairs detachment in Afghanistan (2006). He has a master's degree in Communication from the University of Hawaiʻi at Mānoa and is a decorated combat veteran (Legion of Merit, Bronze Star and 22 other commendation/service medals). He resides in Honolulu.
The state Council on Revenues has more than doubled its forecast for Hawaiʻi's general fund tax revenue for this fiscal year. The council now expects that revenue to increase by 15% for the fiscal year ending in June — that’s up from its September forecast, where it predicted 6.3% growth.
The group that projects state tax revenue is predicting sharp declines for the rest of this year and the following, on the back of massive declines in…