POSTED: 01:48 p.m. HST, May 30, 2014
LAST UPDATED: 02:27 p.m. HST, May 30, 2014
The state Council on Revenues on Thursday reduced the state's revenue forecast, the latest reflection of the slowdown in the state's economy.
The council set the forecast for the fiscal year that ends in June at minus 0.4 percent, down from zero percent in March. State House budget analysts estimate that the lower forecast will cost the state $21.9 million this fiscal year and will also drop the revenue base going forward.
The council left the forecast at 5.5 percent growth for fiscal year 2015.