Rail tax collections higher than projected

The half percent General Excise Tax surcharge for Honolulu’s rail project totaled $49.02 million dollars during the last quarter of 2011.  That amount was $12.08 million more than the $36.94 million projected in the rail financial plan for the period from October 1, 2011 to December 31, 2011.

“The additional surcharge revenue is good news for the rail project,” said Honolulu Authority for Rapid Transportation Interim Executive Director and CEO Toru Hamayasu.  “This strong revenue pattern positions us well to bring the project in on time and on budget, and shows we will be able to pay for the project with the GET surcharge and federal funds.”

“HART has already collected about 25 percent of the GET revenues that is estimated within our Financial Plan,” said HART Finance Committee Chairman Don Horner.  “We remain ahead of projected revenues.  And, to date, HART has contracted 50 percent of our total construction costs and is $300 million below our planned expenses.  HART remains on track in terms of both revenues and costs.”