HONOLULU -- The Council on Revenues Thursday forecast $48 million less in tax revenues to be collected by the state this fiscal year ending June 30, and next fiscal year.

The forecast was for a decline in negative 2.5 percent this year, and a growth in revenues next fiscal year of 6 percent.

A 6 percent revenue growth in the next fiscal year sounds rosy, but the it is less than the 7.6 percent revenue growth the council forecast in December.

That's means $48 million less on top of the state's already expected $1.2 billion shortfall over the next two years.

Lawmakers now must figure out how to make up the for the expected additional $48 million dollar loss.

House Finance Chairman Marcus Oshiro said additional budget cuts will be needed and some fees hiked to make up for the deeper revenue decline.

Oshiro said he thinks the newest shortfall can be addressed with proposals already under consideration including eliminating some credits for non-profit organizations, closing loopholes in tax law and drawing from special funds.

Oshiro said he doesn't see a need to increase the state excise tax.

"We sent over about a dozen bills I think if the Senate accepts, should do the trick in addressing the current projected shortfall," said Oshiro.

To address the additional shortfall, Senate Ways and Means Chairwoman Donna Kim said the Senate may reconsider its original plan to seize the counties' share of the hotel room tax.

Kim said they also might have to hike the oil barrel tax which would mean Hawaii drivers would have to pay more for gas at the pump and homeowners see larger electricity bills.

The Council on Revenues said it may have to adjust its current revenue forecast in the future because it might be skewed by the state's current policy of delaying payment of $275 million of taxpayers' refunds until July.

An official from the state office of Budget and Finance told the council the policy of delaying taxpayers refunds could continue indefinitely into the future.

Bu the state House is advancing a bill to halt future attempts to delay taxpayers' refunds to try to balance the budget.