On May 29th, the Council on Revenues announced that they have lowered the projection for the state's economic revenue growth for fiscal year '08 from 3.9% to 3.3%. (See previous post for 3/30.) It looks even worse of fiscal year '09, where they have revised their projection from 4.1% growth to 2.0%. The bottom line is that state government will have to tighten its belt significantly over the next two years.
Upcoming - Hawaii Public Television's live public affairs call-in show, Island Insights, will feature the state's economy, the latest Council on Revenues projection, and the legislature's crafting of the state budget.
Guests will be state economist Pearl Imada-Iboshi, who serves as a member on the Council on Revenues; Paul Brewbaker, who serves as the chair of the Council on Revenues and is chief economist at Bank of Hawaii; Kelvin Taketa, President and CEO of Hawaii Community Foundation, and House Finance chair, Rep. Marcus Oshiro.
Tune in tomorrow evening, Thursday June 19th, Channel 10/11, Hawaii Public Television, 7:30 p.m.