HONOLULU – Governor Linda Lingle issued the following statement today regarding the Council on Revenues’ reduced revenue forecast.
“The Council on Revenues’ latest reduced revenue projections show that the state budget shortfall is much more severe than earlier projected.
“Although last week I instructed all state departments to reduce discretionary spending by 2 percent, on top of earlier budget restrictions of 6 percent, this will not be enough to cover the $185.6 million shortfall between now and June 30, 2009.
“I will be meeting tomorrow and throughout the weekend with my staff to identify options to close the immediate shortfall projected by the Council on Revenues, as well as our projected $500 million shortfall in the fiscal 2010 – 2011 budget period that begins July 1, 2009.
“I will address the public at 1:00 p.m., Monday, June 1 on television, radio and webcast to discuss these options and to outline our path to economic recovery.”
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