Grassroot Institute Urges Caution in Light of New Revenue Projection
Watchdog Group Says State Budget Must be Reevaluated
News Release from Grassroot Institute
HONOLULU, HAWAII--March 13, 2017--In light of yet another downgrade in tax revenue projections for fiscal year 2017 and beyond, the Grassroot Institute of Hawaii is calling for greater fiscal responsibility at all levels of state government. The watchdog group's comments reflects concerns discussed at greater length in its upcoming state budget analysis.
At a meeting of the Council of Revenues, projected tax revenues for fiscal 2017 were adjusted downward from 3% to 2.5% for the remainder of the year. This comes after a previous downward adjustment (from 5.5% to 3%) only weeks ago. In addition, the Council adjusted projections for fiscal years 2018 and 2019 down from 5% to 4%.
In light of the revised projections, the Grassroot Institute of Hawaii urged state policymakers to take a hard look at the Governor's budget for fiscal 2018, which even under previous estimates, was on track to run out of money within three years.
Keli'i Akina, Ph.D., President of the Grassroot Institute, said, "Overly optimistic projections have put this state on the road to a fiscal crisis. State policymakers should consider today's revised projections to be a wake-up call. We must get spending under control."
Dr. Akina continued: "Most of all, this underlines the importance of dealing in accurate numbers, not hopeful ones. Lawmakers responsible for balancing the state budget must have the unvarnished truth about what to expect--both in terms of true tax revenue projections and possible hidden costs."
The Grassroot Institute is expected to release its own analysis of the state budget this week.
About the Grassroot Institute of Hawaii:
The Grassroot Institute of Hawaii is a nonprofit, nonpartisan research institute dedicated to the principles of individual liberty, the free market, and limited, accountable government throughout Hawaii and the Asia-Pacific region.To learn more, visit http://www.grassrootinstitute.org/
About Grassroot President:
Keli’i Akina, Ph.D., is a recognized scholar, educator, public policy spokesperson, and community leader in Hawaii. Currently, he is President/CEO of Grassroot Institute of Hawaii, a public policy think tank dedicated to the principles of individual liberty, free markets and limited, accountable government. An expert in East-West Philosophy and ethics, Dr. Akina has taught at universities in China and the United States and continues as an adjunct instructor at Hawaii Pacific University. In 2016, Dr. Akina was elected to a four-year term as Trustee-at-Large of the Office of Hawaiian Affairs.