Honolulu rail transit CEO passes on annual bonus

As the Honolulu Authority for Rapid Transit (HART) continues to face mounting financial pressures, Chief Executive Officer Dan Grabauskas has opted to drop his yearly bonus, according to a letter obtained by local media outlets late last week.

"The HART team and I are working diligently and responsibly to reduce costs and demonstrate that we are responding seriously to the public's call for fiscal austerity and self-discipline," he wrote. "For these reasons, I am respectfully asking the board to forgo any consideration of a bonus in my review. Now simply is not the time."

Honolulu's project to construct a 20-mile elevated light-rail line has experienced continued rising costs due to lawsuits and delays, lower general excise tax revenue and an "increasingly aggressive construction market," Grabauskas wrote in the letter.

In March, bids for the construction of three rail stations came in millions of dollars more than anticipated.

Grabauskas went on to say that 2015 would be one of the agency's most fiscally challenging years to date.

As CEO, Grabuaska earns more than $257,000 a year, and he's entitled to an annual bonus equalling about $38,000, according to news station KHON 2.

Despite financial difficulties, Grabauska said he was committed to delivering the project.