June 11 to July 10 state revenue collections beat forecast by $7.5 million
The economic and revenue forecast council today issued its monthly Economic & Revenue Update. This provides the first report on collections since the June 18 revision to the revenue forecast. The new forecast is essentially on track: For the June 11 to July 10 period, collections exceeded forecast by $7.5 million (0.6%). The update is […]
July 01 , 2013 - Emily Makings
Happy Fiscal New Year!
Today is the first day of fiscal year 2014 for Washington state, and it’s also the first day of the 2013-15 biennium. The legislature finally adjourned over the weekend, and Gov. Inslee signed the 2013-15 operating budget (with some vetoes) yesterday.
June 28 , 2013 - Emily Makings
2013-15 budget compromise increases spending by $2.4 billion, avoids many of the proposed tax increases
The details of the 2013-15 budget compromise have been released. As proposed, near general fund-state plus opportunity pathways (NGFS+) spending would increase by $2.378 billion over 2011-13, to $33.627 billion. Reserves (including the budget stabilization account) would total $630 million. Importantly, the proposal would largely not make the tax increases proposed by the House Finance […]
June 26 , 2013 - Richard S. Davis
Budget stalemate is one consequence of the disappearing center in state politics
That's one of the takeaways from my column today. Please take a look at it and share your thoughts in the comments.
June 18 , 2013 - Kriss Sjoblom
Video of today's Economic and Revenue Forecast Council meeting
Video from TVW: Here are the slides from Steve Lerch’s presentation.
June 18 , 2013 - Kriss Sjoblom
New general fund forecast: up $110 million for 2011-13, up $121 million for 2013-15
The state Economic and Revenue Forecast Council met today and approved new forecasts for state revenues. For the current 2011-13 biennium, the general fund-state forecast increased by $110 million; the education legacy trust account forecast decreased by $12 million; and the opportunities pathways account forecast increased by $11 million. For the upcoming 2013-15 biennium, the […]
June 11 , 2013 - Kriss Sjoblom
May 11 to June 10 state revenue collections exceeded forecast by $40 million
The economic and revenue forecast council issued its monthly Economic & Revenue Update today. Here are the key bullet points regarding revenue from the summary: Major General Fund-State revenue collections for the May 11 – June 10, 2013 collection period were $40.0 million (2.3%) higher than the March forecast. Of that amount, however, $10.0 million […]
June 11 , 2013 - Emily Makings
Washington may be agreed on Medicaid expansion, but not all states see the light
One area of agreement in the 2013-15 budget proposals is Medicaid expansion under the federal Affordable Care Act. Both the House and Senate assume state savings of about $318 million from expansion. Despite the promise of such savings, many states have rejected expansion or are still wrestling with the decision. According to the Kaiser Family […]
June 10 , 2013 - Emily Makings
Senate increases spending in 2013-15 budget passed Saturday
On Thursday, the House passed a 2013-15 budget (ESHB 1057), and over the weekend, the Senate passed one as well (ESSB 5034). The House version would spend $322.2 million more than the Senate in terms of near general fund-state plus opportunity pathways (NGFS+). The House would leave $593.7 million in total reserves, and the Senate […]
June 06 , 2013 - Kriss Sjoblom
Video of Economic and Revenue Forecast Council economic review meeting
Executive Director Steve Lerch presented the preliminary June economic forecast at a meeting of the Economic and Revenue Forecast Council today. Here is the TVW video of the meeting: And here are the “notebooks” for the meeting, including copies of Dr. Lerch’s slides. As I noted in my May 29 post, the new economic forecast […]