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State owes city millions from rail surcharge


POSTED: 01:30 a.m. HST, Nov 02, 2013

~~<p>The phrase &quot;fuzzy math&quot; comes to mind each time we hear of how Oahu is being shortchanged of the 0.5 percent general excise tax (GET) surcharge to help pay for the $5.26 billion rail project.</p>
<p>The recent good news as rail construction ramps up is that the project will receive an influx of $63.8 million in GET revenues for the quarter ended Sept. 30, a record amount of quarterly revenues to date. With officials relying on this local source to eventually fund nearly 70 percent of rail's cost &mdash; the other $1.55 billion in federal funds has been secured in a recent agreement &mdash; this is welcome news indeed.</p>
~~

The phrase "fuzzy math" comes to mind each time we hear of how Oahu is being shortchanged of the 0.5 percent general excise tax (GET) surcharge to help pay for the $5.26 billion rail project.

The recent good news as rail construction ramps up is that the project will receive an influx of $63.8 million in GET revenues for the quarter ended Sept. 30, a record amount of quarterly revenues to date. With officials relying on this local source to eventually fund nearly 70 percent of rail's cost — the other $1.55 billion in federal funds has been secured in a recent agreement — this is welcome news indeed. Login for more...



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