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Honolulu $500 Million Short for Rail Project

Posted by: Nate Berg

24 August 2009 - 10:00am

The city of Honolulu is $500 million short of what it will need to fund the $5.3 billion commuter rail system voters approved last fall.

The budget shortfall was know as early as May, but was not revealed until recently, upsetting many in the city. Now officials are trying to figure out how to close the budget shortfall.

"The report and a follow-up July 15 e-mail outlined several options the city could pursue to make up for the lost revenue, including asking for more money from the state, the federal government, the military, private developers and the Honolulu International Airport.

The city also considered, but has since rejected, diverting federal funds intended for TheBus to pay for the rail project and extending the half a percentage point general excise tax surcharge beyond its original 2022 expiration date."

Full Story: City estimated that Oahu rail funding may fall $500M short
Source: The Honolulu Advertiser, August 21, 2009
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