Council upgrades its state revenue forecast for 2013

Federal sequestration cuts will not mar the isle economy, a panel tells the government

By Derrick DePledge

POSTED: 01:30 a.m. HST, Mar 14, 2013

~~<p>The state Council on Revenues predicted Wednesday that private-sector economic growth in Hawaii would offset the drain from federal budget cuts due to sequestration, boosting the state's revenue forecast.</p>
<p>The council projected that state tax collections would grow by 6.7 percent this fiscal year, up from 5.1 percent from the last forecast in January, and a $77 million increase for the state. The council estimated 7.3 percent growth for fiscal year 2014, up from 6.8 percent, for a $108 million increase.</p>
~~

The state Council on Revenues predicted Wednesday that private-sector economic growth in Hawaii would offset the drain from federal budget cuts due to sequestration, boosting the state's revenue forecast.

The council projected that state tax collections would grow by 6.7 percent this fiscal year, up from 5.1 percent from the last forecast in January, and a $77 million increase for the state. The council estimated 7.3 percent growth for fiscal year 2014, up from 6.8 percent, for a $108 million increase. Login for more...