Nearly 70 percent of the $5.2 billion Honolulu rail project is supposed to be funded through a .5 percent surcharge on the General Excise Tax.
But GET revenues are coming in below projections.
The Honolulu Authority for Rapid Transportation, the quasi-city agency in charge of the rail project, collected $49.5 million in GET revenue this past quarter ending in June. That’s about 14 percent lower than hoped.
Since 2007, HART has collected about $1.3 billion in GET revenues, which is about $35.6 million below projections, or less than 3 percent.
The financial situation doesn’t appear to pose a significant risk to the project at this time. GET revenues fluctuate. But in March, HART downgraded the GET revenues from “on track” to a situation in need of “monitoring,” according to its Balanced Scorecard, which provides a breakdown of rail’s finances.
In other rail news, HART has embossed its first column (shown below). The special design, depicting the ahupuaa of that region, will be used for seven other columns that support the guideway for the Hoopili station in East Kapolei.
Embossed rail column for Hoopili station.
Courtesy of HART
The Hoopili columns “honor the natural elements that nourished the agricultural lands,” according to a HART press release.
“The pattern depicts the flow of wind, coral representing the foundation and the area’s beginnings, sea salt beds, and the symbolic first planting of the ulu tree that grew plentiful in this area,” according to HART. “The design also incorporates rain and the sun as it rises over Puuokapolei, which marked the season for planting and harvesting crops.”