Left to right: Rep. Ryan Yamane, Rep. Marilyn Lee, Rep. Marcus Oshiro, Senator Donna Mercado Kim, and Rep. Michael Magaoay.
The Council on Revenues met today to update the state's General Fund Revenue forecast. Present were Chair Paul Brewbaker, Vice Chair Jack Suyderhoud, and members Carl Bonham, Pearl Imada Iboshi and Richard Kahle.
The Council projected that revenues for FY09, which ends on June 30, 2009, will decrease by -9% growth from the previous year. This past March, the Council projected -5% for FY09. House and Senate money committee staff calculate that the state is faced with a loss of $185.7 million for FY09. The Council projected flat growth for FY10.
The impact of the new projections over the next biennium is a total shortfall of $611.5 million. ($185.7 for FY09, $207.7 for FY10 and $218.7 for FY11.)
Immediately following the Council meeting, House and Senate members held a media availability to respond to the news. They indicated that the Governor will most likely need to make deeper budget cuts, as well as freeze spending for certain programs through the end of the year. Asked if the Legislature would return for a special session this summer to address the deficit, they said that they would need to discuss the matter with their respective caucuses.