Treasurer’s fiscal recommendations for the Legislature, and an improved credit outlook for Washington from S&P
Earlier this month, the Office of the State Treasurer (OST) released its annual Debt and Credit Analysis report, which provides data on state debt and recommendations for the Legislature. At the end of FY 2023, Washington had $21.403 billion in outstanding bonds. That was up just 0.6% from $21.269 billion in FY 2022. (Of total […]
January 17 , 2024 - Kriss Sjoblom
January report on state tax collections: revenues for the most recent month were $99.1 million short of the forecasted amount
Yesterday (January 16) the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between December 11 and January 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 […]
November 30 , 2023 - Emily Makings
Revenue forecast indicates the state will have $2.933 billion more for the operating budget than expected when the current budget was enacted
As Kriss wrote last week, the November forecast of revenues from funds subject to the outlook (NGFO) is up compared to the September forecast. Compared to the March revenue forecast (on which the enacted 2023–25 budget is based), the current forecast is up $2.933 billion (over the 2021–23, 2023–25, and 2025–27 biennia). That increase includes […]
November 20 , 2023 - Kriss Sjoblom
Forecast of state revenues increased
At its quarterly this morning this morning, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts increase the amount available over the current and next bienniums by a total of $752 million. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the […]
November 07 , 2023 - Emily Makings
Washington ranks 35th overall in the Tax Foundation’s 2024 State Business Tax Climate Index, down from 29th last year
Washington’s overall ranking in the Tax Foundation’s State Business Tax Climate Index is 35th this year. (The 2024 index reflects state tax climates on July 1, 2023.) Our ranking has dropped quite a bit over the past few years—Washington ranked 29th in 2023 and 15th in 2022. The overall ranking is composed of five broad […]
October 18 , 2023 - Emily Makings
Seattle’s general fund and payroll expense tax revenue forecasts have increased since August
Yesterday Seattle’s Office of Economic and Revenue Forecasts (OERF) presented the city’s October revenue forecast for the general fund and several other revenue streams that go to dedicated accounts (including the payroll expense tax). For the city’s general fund, the forecast estimates that revenues will decline in 2023 and 2024 (year over year). However, that […]
October 17 , 2023 - Emily Makings
Value of agricultural production in Washington reached a record high in 2022
According to the National Agricultural Statistics Service, the value of agricultural production in Washington in 2022 was $12.776 billion, an increase of 26.8% over 2021. Adjusted for inflation, the year-over-year increase was 19.8%. This is a record high for Washington, even adjusted for inflation. Although apples are still by far the most valuable commodity in […]
September 27 , 2023 - Kriss Sjoblom
Forecast of state revenues increased
At its quarterly meeting yesterday, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts increase the amount available over the current and next bienniums by a total of $1,366 million. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the education legacy […]
September 22 , 2023 - Kriss Sjoblom
September report on state tax collections: revenues for the most recent month were $5.1 million short of the forecasted amount
On September 15 the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between August 11 and September 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 […]
September 07 , 2023 - Kriss Sjoblom
Cap and Invest compliance cost estimated for on-road vehicles based on the August 31 allowance auction price
The department of ecology today announced the results of its third regular auction of Cap-and-Invest Program allowances, which was held on August 30 (link). The settlement price for current (2023) vintage allowances was $63.03. This is up significantly from the 2023-vintage price at the May 31 auction, $56.01. Table 1 contains my updated projections of […]