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How fast is federal relief being used?

Earlier I wrote that federal relief for Washington’s governments, businesses, and individuals now exceeds $100 billion. Some of the funding for governments is fairly flexible—for example, the coronavirus state and local fiscal recovery funds. I reviewed reporting by the most populous governments in Washington on how they are spending those funds here. Little had been […]

Federal relief funds to governments, businesses, and individuals in Washington now total over $100 billion

Federal COVID relief that has been allocated for Washington’s governments, businesses, and individuals now totals $101.7 billion. Of that, $75.4 billion has gone or will go to businesses and individuals and $26.3 billion is flowing through our state and local governments. (This money will be spent over several years. For context, state and local governments […]

In Washington 4,814 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 5,913 initial claims for unemployment insurance during the week ending October 2. Of this total, 4,814 initial claims were filed under the regular state unemployment insurance program; 724 claims were filed under the federal […]

Strong retirement system investment returns mean savings for the state, but some of those savings could be used to lower return assumptions for the future

In September, the Select Committee on Pension Policy heard from the Office of the State Actuary (OSA) about its Report on Financial Condition and its recommendations on long-term economic assumptions. High investment returns in fiscal year 2021 mean that contribution rates will be lower than previously expected. The 2021 Report on Financial Condition was released […]

Yakima County and Pierce County revenues increased in 2020

In a story this week, Washington State Wire talked to the Yakima County treasurer and Pierce County deputy finance director about how their revenues fared through the pandemic. As with state revenues, although there was a lot of uncertainty last year about how the pandemic would affect revenues, the two counties ended calendar year 2020 […]

Update on personal income, consumer spending and saving rates during the COVID-19 recession

Here are updates of charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for August and revisions to numbers for prior months. Personal Income in August was 0.2% greater than in July and 14.2% less than the peak reached in March, which was boosted by the […]

In Washington 4,914 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 6,132 initial claims for unemployment insurance during the week ending September 25. Of this total, 4,914 initial claims were filed under the regular state unemployment insurance program; 840 claims were filed under the federal […]

Here’s a chart

The chart below shows the per capita value of the property tax base (the assessed value of property subject to tax), by county, for taxes due in 2020. Per capita, the value of property subject to property tax in San Juan County is six times as great as that in Yakima County. These numbers come […]

With the increased revenue forecast, the enacted operating budget leaves an estimated $5.5 billion ending balance in the four-year outlook

The $6.7 billion growth in the revenue forecast from the March to September includes $1.2 billion in legislative changes. These were the tax changes made by the Legislature earlier this year, including mainly the capital gains tax. The 2021–23 operating budget, as enacted, balanced over four years. The unrestricted ending balance for funds subject to […]

Through the outlook period, state revenues are now forecast to be $6.7 billion higher than expected in March

With Friday’s revenue forecast, state revenues from funds subject to the outlook (NGFO) are expected to be $6.699 billion higher through the outlook period (2019–21, 2021–23, and 2023–25) than had been forecast in March 2021 (which was the forecast the 2021–23 budget was based on). Compared to the June 2021 forecast, revenues for the six-year […]