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HART Set to Receive $48.25 Million in GET Collections for Rail

HART SET TO RECEIVE $48.25 MILLION IN GET COLLECTIONS FOR
RAIL

(Friday, April 27, 2012)- The Honolulu Authority for Rapid
Transportation is set to receive $48.25 million in General Excise
and Use Tax (GET) revenue for the first quarter of 2012.

HART will receive the funds Monday, which will bring total GET
revenue received to date for the rail project to $858.73 million,
about $8 million more than projected.

The $48.25 million in current quarterly revenue is slightly less
than the $49.02 million in GET revenue received in the previous
quarter, but overall revenue remains strong.

“The GET revenue continues to be good news for the rail project,”
said Honolulu Authority for Rapid Transportation Executive Director
and CEO Dan Grabauskas. “Taxpayers should know the project’s
finances remain strong, and we are well positioned to bring the
rail project in on time and on budget.”

The HART Board’s Finance Committee Chairman Don Horner said, “With
25 percent of our total projected GET revenues collected, we remain
on budget. The total for four quarters was $193.4 million, compared
to $165.9 million for the prior four quarters, a 16.5 percent
increase largely due to a continued recovery in our tourism
sector.”

The state began collecting the half-percent GET dedicated to the
Honolulu rail system in January 2007. The GET for rail is set to
expire at the end of 2022.

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