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March state revenue forecast up $59 million for 2011-13, down $19 million for 2013-15

The Economic and Revenue Forecast Council is currently meeting. The new foreast for the 2011-13 is up $59 million for 2011-13, down $19 million for 2013-15, and down $49 million for 2015-17. The handout for the meeting is available here.

Official state revenue forecast comes out at noon today. View with caution.

In my column today I suggest lawmakers take a cautious view of the numbers. The state, national and global economies continue to face substantial risk. A balanced budget is, of course, a priority. But With much risk beyond their control, lawmakers should be cautious in their spending and prudent in maintaining adequate budget reserves. They […]

There's nothing like a "temporary tax"… the New York edition

Or so it would seem. Literally. As the governor and some legislators in Olympia consider extending temporary tax increases on business and beer, their counterparts in New York tread the same turf. Gov. Andrew M. Cuomo and legislative leaders are finalizing a surprise deal to extend a high-tax bracket for the state’s top incomes. The […]

More on the revenue forecast

As I noted in an earlier post, the economic and revenue forecast council issued revised forecasts today. For the general fund-state account, the new forecasts are up $59 million for 2011-13, down $19 million for 2013-15, and down $49 million for 2015-17. For the education legacy trust account (which receives proceeds from the estate tax […]

2013 National Infrastructure Report Card Improves to a D+

The American Society of Civil Engineers released its quadrennial report card on the nation’s infrastructure today. It’s less lousy than it was four years ago. As the New York Times reports: It is the first time in the 15 years that the engineering organization has conducted its study that the grade has improved. The report […]

State budget beginning to take shape amid uncertainty

  The House GOP released a “fund education first” budget proposal yesterday, adding a net $556 million in K-12 spending as a down payment on McCleary. (We always say “down payment” because the state Supreme Court expects considerably more by 2017. This is the year lawmakers have to show a good faith effort.) Here’s the […]

Another day, another $300 million added to the state budget problem

The Caseload Forecast Council met this morning. Although the news generally was mixed-to-positive, the bottom line effect was bad news: Increased medical utilization costs added $301 million to maintenance-level costs. Here’s the worksheet for the two bienniashowing the detail. And here’s the Seattle Times report pegging the shortfall now at about $1.3 billion before making […]

Handicapping the economy – mixed reviews ahead of the 3/20 state revenue forecast

Kriss has written (here and here) that the next state revenue forecast will likely come in below the November numbers, adding to the budget woes that will dominate the closing weeks of the legislative session. As has been the case through much of this frustrating semi-recovery, expectations continue to be mixed. Economist Mark Perry has […]

The legislative education funding challenge: How do you solve a problem like McCleary?

My column in the current issue of AWB’s Washington Business considers the state budget problem. It was written weeks ago, but holds up I think. With next week’s revenue forecast likely to be down (and a new caseload forecast tomorrow apt to show increased costs), the challenge is a bit tougher than it looked in […]

State revenue collections report for February 11-March 10 period

On Monday, the Economic and Revenue Forecast Council reported general fund–state revenue collections for the February 11 – March 10 period in the monthly Economic and Revenue Update. For the period, collections exceeded forecast by $41.6 million (4.6%). EFRC staff attributes most of this positive variance to timing in payments and expects “payments in the […]