Honolulu $500 Million Short for Rail Project
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."
Published on Friday, August 21, 2009 in
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