2021 Plan of Finance Amortization

Council on Revenues Forecast Recent Council Forecasts Show Revenue Outlook Returning to Pre-Pandemic Levels OF STATE O The Council's September 2021 forecast increased FY 2022 revenue growth to 6.3% from its May 2021 forecast of 3.0% and maintained 4% annual growth for Fiscal Years 2023-2028 This change increased the General Fund Financial Plan by $1.58 billion for FY 2022-2026, which was in addition to the $3.1 billion that was added as a result of the upward revision in the Council's May 2021 forecast The upward revision in the 2022 forecast is due to robust collections of general excise and income taxes as well as increased tourist arrivals and consumer spending so far in 2021 The Council acknowledges the level of uncertainty regarding COVID-19 and reduction in further Federal stimulus spending 1959 Council on Revenues Forecasted Tax Revenues (1,2) Actual Sep 21 Forecast Millions $10,500 $9,900 Jan 20 Forecast $9,300 . Mar 20 Forecast $8,700 May 20 Forecast $8,100 Sep 20 Forecast $7,500 Jan 21 Forecast $6,900 • Mar 21 Forecast $6,300 . May 21 Forecast $5,700 2019 2020 2021 2022 2023 Sources (1) 11 (2) Forecast: Department of Taxation Council on Revenues. Actual: Hawaii Department of Business, Economic Development & Tourism. 2024 2025 2026 2027 2028 Fiscal Year HAWAI

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