Abercrombie: Special Session Unlikely, Revenues Forecast Unchanged05/26/2011
UPDATED 5/26/11 5 p.m.
At its quarterly meeting, the group voted not to alter its general fund forecast for the year ending June 30, keeping its earlier prediction of negative 1.6 percent growth. The council also maintained its forecast of 11 percent growth in fiscal 2013.
"Much of the news has been positive — oil prices dropping, reduction in gasoline prices," council member Carl Bonham said. "Japanese (visitor) counts are coming in at about where we thought."
Abercrombie said in a prepared statement that he will keep working with the budget approved by lawmakers. House Bill 200 awaits the governor's signature.
State budget director Kalbert Young said the state took a prudent approach to the operating budget, assuming a negative 2 percent growth for the current year.
"If the trajectory going forward stays on this track, the budget is currently sized for the council's projection," Young, director of the Department of Budget and Finance, told Civil Beat. "It should give stability to the budget planning and execution process."