House finance committee approves $23 billion budget
Updated On: Mar 08 2013 05:52:27 PM HST
The state House Committee on Finance passed a nearly $23.3 billion budget for fiscal years 2014 and 2015, about $590 million shy of Gov. Neil Abercrombie's request for $23.8 billion.
Chairwoman Sylvia Luke says the committee took a cautious approach Friday despite positive revenue projections because of uncertainty cast by federal budget cuts and ongoing collective bargaining negotiations.
Abercrombie asked for $11.8 billion in fiscal 2014 and $12 billion in 2015. The committee's bill includes $11.6 billion for fiscal 2014 and $11.7 billion for fiscal 2015.
The budget meets the governor's request for at least $100 million per year to draw down the state's growing unfunded liabilities.
It does not include funding for initiatives that the Legislature is still debating, such as Abercrombie's proposed preschool program.
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