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DIRECTORíS STATEMENT ON COUNCIL ON REVENUES PROJECTION

 

We are encouraged by the 5-year tax revenue forecast from the state Council on Revenues and the Councilís positive long-term outlook on Hawaiiís economy.

 

The Council projects an economic recovery beginning Fiscal Year 2011 with tax revenues up 6.5 percent. Tax revenues will continue to rise through Fiscal Year 2015, according to the Council.

 

The Honolulu Rail Transit Project utilizes revenues from the General Excise and Use Tax surcharge over a 16-year period to fund the Cityís portion of rail transit construction.

 

The Federal Transit Administration is reviewing the Cityís current version of the financial plan for the Transit Project, which was submitted earlier this month and supersedes an earlier and now out of date May 1st report.

 

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Contact: Wayne Y. Yoshioka 768-8303