HART tax collections for project come in higher than expected

Revenue from the General Excise and Use Tax (GET) surcharge targeted for Honolulu's rail transit project has come in higher than what was projected in the endeavor's most recent financial plan. The GET revenue for the final quarter of fiscal year 2011 came in at $49.8 million, totaling $179 million, nine percent higher for the fiscal year, Honolulu Authority for Rapid Transportation officials reported in its board of directors meeting. The latest figures put the total GET surcharge collections to date at $715 million, $15 million more than projected. "The overall total bid costs to date are actually below the project's financial estimates. With 40 percent of the costs known, the project remains on a sound financial footing," said HART Finance Committee Chairman Don Horner.