HONOLULU -- The state's top economists on the Council of Revenues on Thursday said Hawaii's economy is seeing a faster and bigger turnaround than expected.

They said that tax collections predicted to be down 2.5 percent have actually increased slightly.

The Council on Revenues changed its forecast to give the state about $150 million more in its treasury.

Looking further into the future, University of Hawaii Economic Research Organization professor Carl Bonham said the state could see an additional $1 billion over the next three fiscal years.

"While the upward adjustment is positive, we need to remain focused on creating jobs, stimulating our economy and monitoring the state’s cash flow," Gov. Linda Lingle said in a written statement.

The economists also predicted an 8 percent increase in Hawaii's economy for next fiscal year.