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Friday, January 9, 2009
Additional $125 M shortfall: Governor Lingle responds to reduced revenue forecast
By News Release @ 9:32 PM :: 2206 Views

HONOLULU – Governor Linda Lingle issued the following statement today regarding the Council on Revenues’ reduced revenue forecast.
“The Council on Revenues’ decision to lower projections is not unexpected given national and global economic conditions, as well as other external factors beyond our control that are impacting Hawai‘i.
“The lower revenue projections reflect the challenges we will face as a state in the next couple of years, and underscore the need for all of us to work together.
“By law the State is required to enact a budget and financial plan that does not result in a deficit at the end of the fiscal year.
“In order to meet our legal obligation, my Administration and the Legislature are committed to working together to make the difficult but necessary decisions to ensure we have a balanced budget that addresses our state’s critical needs while also investing in the long-term future of Hawai‘i.
“Our budget and finance team will be meeting to review the Council’s revised projections, and next week we will meet with legislative leadership, including the chairs of the Senate Ways and Means and House Finance Committees, to collaborate on solutions to balance the budget. Facing the realities of significantly reduced revenues, we will be looking at all options with the understanding that everything is on the table for review.
“In discussions I had yesterday with legislative leaders, House Finance Chair Marcus Oshiro emphasized the importance of taking on this challenge in a collaborative fashion.  He stated simply, ‘we are all in this together.’
“It is this spirit of unity and cooperation that will enable our state to emerge from this economic and fiscal situation stronger and better positioned for a bright future.”

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