Seattle’s revenues are expected to continue to increase
On April 20, the Seattle City Budget Office (CBO) presented its revenue forecast to the Seattle City Council’s Finance and Housing Committee. This was a complement to the forecast presented by the new Office of Economic and Revenue Forecasts (OERF) on April 8. The OERF is responsible for forecasting most of the city’s revenue streams, […]
April 14 , 2022 - Kriss Sjoblom
April 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 this morning. 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 Revenue Act receipts), this report covers payments received […]
April 13 , 2022 - Emily Makings
Seattle revenue forecast is up, led by the payroll expense tax
Seattle’s new Office of Economic and Revenue Forecasts presented its April 2022 revenue forecast to the city’s Economic and Revenue Forecast Council on Friday. The Council adopted the baseline forecast, under which selected revenues for 2022 are estimated to be $89.8 million (8.4%) higher than expected in the Nov. 2021 forecast for 2022. Created last […]
April 01 , 2022 - Kriss Sjoblom
Update on personal income, consumer spending and saving rates during the COVID-19 recession
Here are updates of three charts I have posted monthly regarding national income and consumer spending during the COVID-19 recession, including new numbers for February and revisions to numbers for prior months. I also include a new chart on Medicaid spending, which has grown significantly over the last two years. Personal Income in February was […]
March 23 , 2022 - Kriss Sjoblom
According to the Census Bureau, King County lost population from 2020 to 2021
Census posted this map on Wednesday evening: Thursday morning update. Here are some numbers: The Census Bureau estimates that King County’s population decreased by 0.9% (down 20,266) from July 1, 2020, to July 2, 2021. The other two counties with estimated losses are Kitsap (-0.5%, -1,346) and Yakima (-0.2%, -498). San Juan County (+4.1%, +793) […]
March 15 , 2022 - Kriss Sjoblom
Moody’s: Extended Russia-Ukraine war would hurt Washington
From Bloomberg: An extended conflict between Russia and Ukraine would hit the U.S. economy broadly, with all 50 states affected by the fallout, according to an analysis by Moody’s Analytics. … Washington and South Carolina, the two states that export the most proportionally to Russia and Ukraine, would be hurt. Shipments affected likely would include […]
March 15 , 2022 - Kriss Sjoblom
March 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 yesterday. 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 Revenue Act receipts), this report covers payments received between […]
February 28 , 2022 - Kriss Sjoblom
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 January and revisions to numbers for prior months. Personal Income in January was a slight 0.04% greater than in December and 12.8% less than the peak reached in March, which was boosted […]
February 24 , 2022 - Kriss Sjoblom
Heed the pessimistic forecast
The economic and revenue forecast council (ERFC) is required to prepare three separate forecasts of state revenues: a baseline forecast, a pessimistic forecast and an optimistic forecast. The pessimistic and optimistic forecasts help to quantify the ERFC’s uncertainty concerning the baseline. The ERFC further quantifies this uncertainty by assigning probabilities to the three forecasts. The […]
February 18 , 2022 - WRC
New brief: Minimal Losses to Local Revenues in 2020 Are Largely Offset by Additional Federal Relief
Local government taxes and revenues were largely sustained in 2020. State taxes increased by 4.2% in FY 2020 and by 11.7% in FY 2021. Meanwhile, in CY 2020, taxes grew by 5.3% in Washington’s counties and fell by 2.9% in Washington’s cities. However, from 2010 through 2017, city tax growth exceeded that of the state. […]