June carbon emission allowance auction proceeds came in below forecast; CCA appropriations are out of balance
As Kriss wrote yesterday, the prices paid for carbon emission allowances at the June 5th auction were much lower than were paid on average last year. The state won’t release the official auction public proceeds report until July 3. That said, if my calculations are correct, state revenues from the June 5th auction are $189.0 […]
May 21 , 2024 - Emily Makings
Capital gains tax revenues for tax year 2023 dropped by almost half
According to the Department of Revenue (DOR), the state has collected $433 million in capital gains taxes for tax year (TY) 2023 as of May 17. As of Jan. 2024, DOR had reported that TY 2022 capital gains collections totaled $896 million. However, based on the new information from DOR, it appears that additional late […]
May 15 , 2024 - Kriss Sjoblom
April report on state tax collections: revenues for the most recent month were $99.1 million short of the forecasted amount
Yesterday (May 14) the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between April 11 and May 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest […]
May 03 , 2024 - WRC
New brief: The Importance of Constitutionally Protected Reserves: The Case of the WRPTA
In 2021, the Legislature withdrew $1.820 billion from the state’s restricted budget stabilization account (BSA) even though revenues had not declined. Most of the funds went to the unrestricted Washington rescue plan transition account (WRPTA), where they were held until the WRPTA was spent down in 2023–25. Total reserves are expected to decline by more […]
April 26 , 2024 - Emily Makings
Estimated reserves decline in the official budget outlook
Yesterday the Economic and Revenue Forecast Council (ERFC) approved an official budget outlook based on the 2024 supplemental operating budget. The unrestricted ending balance in funds subject to the outlook (NGFO) is significantly smaller for both the current and next biennium than had been estimated when the budget was passed by the Legislature. This means […]
April 18 , 2024 - Emily Makings
State Supreme Court avoids involvement in problem of competency evaluation delays
Today the state Supreme Court dismissed a request from the Spokane County prosecutor that the Court issue a writ of mandamus directing the Secretary of the Department of Social and Health Services (DSHS) to “timely provide competency services in criminal proceedings.” According to the Court, the DSHS secretary is not a “state officer” under the […]
April 17 , 2024 - Emily Makings
Gov. Inslee’s budget vetoes didn’t significantly change appropriations
Gov. Inslee vetoed some sections of the 2024 supplemental operating and transportation budgets. (He did not veto any sections of the capital budget.) The vetoes have only a modest impact on appropriations. According to the state’s fiscal data (updated today), the enacted budgets (reflecting the governor’s vetoes) appropriate just a few million less than the […]
March 26 , 2024 - Emily Makings
Federal pandemic relief continues to augment state spending (and how the state is using flexible relief funds)
Beginning in 2019–21, Washington’s operating budget has been augmented by federal pandemic relief funds. Chart 1 shows spending from funds subject to the outlook (NGFO) along with federal relief funds (for both the Great Recession and the pandemic recession). The 2023–25 amount shows biennial appropriations as revised by the 2024 supplemental (as passed by the […]
March 22 , 2024 - Emily Makings
The Washington student loan program design is still not complete, and the Legislature continues to repurpose its funding
The historically large 2022 supplemental operating budget included $150.0 million in seed money for a new, low-interest student loan program. The program was established by E2SHB 1736 (also enacted in 2022), but the bill left the details to be worked out by the Washington Student Achievement Council (WSAC). In early 2023, a WSAC report raised […]
March 21 , 2024 - Emily Makings
How the state budgets prepare for the possibility that the climate commitment act will be repealed (as revenues in the latest carbon auction came in low)
Climate commitment act (CCA) funds (proceeds from the carbon emission allowance auctions) are appropriated in the operating, capital, and transportation budgets. The supplemental budgets passed by the Legislature this year appropriate CCA funds assuming the current revenue forecast, but they delay a large share of those appropriations so that they will be effective only if […]