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Council on Revenues revises forecast for growth upwards

By Star-Advertiser staff

LAST UPDATED: 4:47 p.m. HST, Mar 13, 2013

The State Council on Revenues upgraded its forecast to 6.7 percent growth in Hawaii for fiscal year 2013, up from 5.1 percent.

For 2014, the forecast for revenues was upgraded to 7.3 percent from 6.8 percent.

The new forecast comes after the state Department of Taxation reported Tuesday that state tax collections are up 12 percent through the first eight months of the fiscal year.

Meantime, lawmakers in the House today approved a $23.25 billion state budget for fiscal years 2013-2015 that secures funding for state departments and capital improvements but falls about $600 million short of Gov. Neil Abercrombie's proposal.

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