Report on July state tax collections: revenues for the most recent month were $33.1 million short of the forecasted amount
Yesterday (August 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 July 11 and August 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 […]
July 01 , 2024 - Emily Makings
Happy Fiscal New Year!
Today is the first day of fiscal year 2025 and the beginning of the second year of the 2023–25 biennium. The 2024 supplemental operating budget increased appropriations from funds subject to the outlook (NGFO) by $2.141 billion. Revised NGFO appropriations for 2023–25 total $71.945 billion, which is 15.8% higher than actual 2021–23 spending. (These figures […]
June 26 , 2024 - Kriss Sjoblom
Forecast of state revenues decreased
At its quarterly meeting this afternoon, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts decrease the amount of revenue expected over the current and next bienniums combined by a total of $665.7 million. Budget reports from legislative fiscal committees typically roll up four accounts: the general […]
June 14 , 2024 - Emily Makings
A 5.9% increase in Washington’s average annual wage will impact state benefit programs
According to the Employment Security Department (ESD), Washington’s average annual wage was $89,138 in 2023, a 5.9% increase over 2022. ESD reports, “The increase was driven by a 2.5% increase in employment and an 8.5% increase in total wages and salaries, which grew by nearly $24.6 billion in 2023.” The state average wage is used […]
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 […]
March 15 , 2024 - Kriss Sjoblom
Updated estimates of CCA compliance costs
On Wednesday the department of ecology reported the results of its first regular auction of Cap-and-Invest Program allowances for 2024, which was held on March 6 (link). The settlement price for current (2024) vintage allowances was just $25.76. This is down significantly from the prices paid at last year’s auctions, which averaged $55.12 per metric […]
March 06 , 2024 - Kriss Sjoblom
Did Initiative 2117 reduce the bids that the state received in today’s cap-and-invest auction?
Between 10 AM and 1 PM today (March 6), the Department of Ecology held its first 2024 auction of greenhouse gas emission allowances. Results of this auction will be published next Wednesday (March 13). The futures market for allowances indicates that the settlement price for today’s auction will be quite a bit lower than the […]
February 14 , 2024 - Kriss Sjoblom
A modest increase to the forecast of state revenues
At its quarterly meeting this morning, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts increase the amount available to budget writers over the current and next bienniums combined by a total of $337 million. Budget reports from legislative fiscal committees typically roll up four accounts: the […]
February 08 , 2024 - Kriss Sjoblom
The truly good news about Washington state in the new ITEP report
On January 9, the Institute on Taxation and Economic Policy (ITEP) released the 7th edition of its widely cited “Who Pays” study. Ostensibly, the good news in this report is that Washington state’s state and local tax system is no longer the most regressive in the U.S. and that the tax rate on the poorest […]
January 25 , 2024 - Emily Makings
Bills controlling rent and taxing rental income would reduce housing supply
Bills are moving in the Legislature that would impose statewide residential rent control policies and levy the business and occupation (B&O) tax on rental income. As economists have shown, negative impacts would be felt by both renters and landlords, and the statewide housing supply would suffer. Rent Control HB 2114 was approved by the House […]