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April report on state tax collections: revenues for the most recent month were $4.6 million less than the amount forecasted

Friday the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between March 11 and April 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 (collectively the […]

Will the state backfill programs funded with document recording surcharges?

[Updated 4/14] The Office of Financial Management (OFM) has written to the Legislature to express its concerns with the operating budgets passed by the House and Senate. One of the items specifically mentioned by OFM is that the Legislature should “ensure appropriate backfill for lower-than anticipated document recording fees to maintain current services and programs.” […]

The House and Senate would add a new $100 document recording assessment to fund a covenant homeownership program

Both the House and Senate have passed slightly different versions of HB 1474. The bill would add a $100 “covenant homeownership program assessment” for each recorded document. (This would not apply to birth, marriage, divorce, or death documents; marriage licenses issued by a county auditor; certain name change orders; documents recording government wage liens or […]

Forecast of state revenues decreased

At its quarterly meeting today, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts reduce the amount available over the current and next bienniums by a total of $289.4 million. The economic forecasts upon which these revenue forecasts are based were prepared prior to the collapse of […]

March report on state tax collections: revenues for the most recent month exceeded forecast by $110 million

Tuesday the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between February 11 and March 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 (collectively the […]

February report on state tax collections: revenues for the most recent month exceeded forecast by $5 million

Yesterday the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between January 11 and February 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 (collectively the […]

January report on state tax collections: revenues for the most recent month exceeded forecast by $88 million

Yesterday 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 (collectively the […]

Forecast of state revenues increased

At its quarterly meeting today, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts add more than $1.4 billion to the amount available over the current and next bienniums. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the education legacy trust […]

Interest rates move higher

The quarterly forecast of state tax revenue prepared by the state Economic and Revenue Forecast Council (ERFC) is based upon an economic forecast also prepared by ERFC. In my September 21 post on the update to the revenue forecast, I observed that materials released earlier that day by the Federal Reserve Board’s Open Market Committee […]

Value of agricultural production in Washington declines in 2021 (when adjusted for inflation)

According to the National Agricultural Statistics Service (NASS), the value of agricultural production in Washington was $10.233 billion in 2021. In nominal terms, that’s just barely up from $10.213 billion in 2020. Adjusted for inflation, the value dropped by 3.5% in 2021. From 2011 to 2021, the value of Washington’s agricultural production increased by 7.8%. […]