Washington’s minimum wage will increase by 8.6% in 2023
The Department of Labor & Industries (L&I) has announced that the state minimum wage will increase from the current $14.49 an hour to $15.74 an hour in calendar year 2023. The 8.6% increase is the largest non-step increase since the minimum wage has been indexed to inflation. In 1998, when the prevailing minimum wage was […]
September 21 , 2022 - Kriss Sjoblom
State revenue forecast down $452 million
At its quarterly meeting today, the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts reduce the amounts available over the remainder of the current biennium and the next biennia by $452 million. Budget reports from legislative fiscal committees typically roll up four accounts: the general fund–state, the […]
September 17 , 2022 - Kriss Sjoblom
September report on state tax collections
On Thursday 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 (collectively […]
July 17 , 2022 - Kriss Sjoblom
July report on state tax collections
The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued on Friday. This report covers payments received between June 11 and July 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and […]
July 01 , 2022 - Emily Makings
Happy Fiscal New Year!
Today is the first day of state fiscal year 2023, which is the second year of the 2021–23 biennium. Earlier this calendar year, the Legislature enacted a historically large 2022 supplemental operating budget. With the supplemental, appropriations from funds subject to the outlook (NGFO) are 24.3% higher in 2021–23 than in 2019–21. Legislators had a […]
June 29 , 2022 - Kriss Sjoblom
New analysis projects much higher prices for carbon allowances under the Climate Commitment Act
In 2021 the legislature passed and the governor signed E2SSB 5126 (the Climate Commitment Act [CCA]) establishing a cap and invest system to regulate and reduce the emission of carbon dioxide (CO2) and other greenhouse gasses in Washington state. Under the CCA the state will annually sell at auction tradable emissions allowances. Each allowance would […]
June 23 , 2022 - Kriss Sjoblom
Inflation clouds the outlook for state revenues
At its quarterly meeting yesterday (June 22), the state Economic and Revenue Forecast Council (ERFC) updated its forecasts of state revenues. These new forecasts add nearly $2.3 billion to the amounts available over the remainder of the current biennium and the next two biennia. These gains, however, are totally erased by increases in the forecast […]
June 17 , 2022 - Kriss Sjoblom
June report on state tax collections
The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued on Tuesday. This report covers payments received between May 11 and June 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and […]
June 16 , 2022 - Emily Makings
Average annual wage in Washington grew 7.5% in 2021
The state average annual wage was $82,508 in 2021—7.5% higher than 2020’s average wage. In 2020, the average wage had increased by 10.1%, which is the largest increase ever. The increase in 2021 is the second largest, according to the Employment Security Department (ESD). (ESD emailed this information out this morning but the news release […]
May 16 , 2022 - Kriss Sjoblom
May report on state tax collections: another blowout
The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued last Friday. This report includes payments from monthly, quarterly and annual filers. In the case of monthly filers, the report covers payments received between April 11 and May 10 for the sales tax, the use tax, […]