The Economic and Revenue Forecast Council’s monthly Economic & Revenue Update is out today. For the April 11 to May 10 month, general fund–state revenue collections were a modest $7.6 million less than the forecast. For the three-month period from February 11 to May 10, collections are cumulatively $9.6 million greater than the forecast.

The story is not quite so positive when one focuses on “Revenue Act” taxes (the sales, use, business & occupation, public utility and tobacco product taxes), which arguably are the taxes most directly tied to economic activity. For the recent month, collections from these taxes were $30.2 million less than the forecast. For three months, the shortfall is $36.4 million. One-time refunds and payments during the March 11 to April 10 period accounted for $7.2 million of the latter amount.

Among non-Revenue Act taxes, the real estate excise tax collections over the last month were $13.6 million greater than forecast. Of this, $6.1 million is due to the sale of the Russell Investments Center (formerly the Washington Mutual Center) in downtown Seattle.

The Update is here and the press release is here.