Council on Revenues Meeting
The meeting focused on the total personal income forecast, with presentations and discussions on macroeconomic data. Key topics included an analysis of the total personal income components such as labor earnings, dividends, interest, rent, and transfer payments. There was a detailed discussion regarding a significant spike in transfer payments in the fourth quarter of 2025 related to Maui wildfire settlement funds and how those payments are accounted for by the Bureau of Economic Analysis. Members discussed forecast models for calendar years 2026 and 2027, comparing forecasts from various sources including the Council members, the Department of Business, Economic Development and Tourism, and the University of Hawaii Economic Research Organization.