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Cap and Invest allowance prices

In 2021 the legislature passed and the governor signed Senate Bill 5126 creating the state’s Cap and Invest program, which is intended to greatly reduce carbon dioxide emissions in the state. Under the program, beginning this year, each regulated entity is required to obtain an “allowance” for every metric ton of carbon dioxide it emits […]

August report on state tax collections: revenues for the most recent month were $81.2 million greater than the forecasted amount

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 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 (collectively the […]

Seattle’s revenue forecast anticipates slowing growth, but general fund revenues are expected to be higher than assumed in the adopted budget

Yesterday Seattle’s Office of Economic and Revenue Forecasts presented the city’s August revenue forecast. It includes updated estimates of general fund revenues and “general fund adjacent” taxes (e.g., the payroll expense tax and the real estate excise tax) for 2023 and 2024. The forecast notes that, compared to the April forecast, general fund revenues are […]

July report on state tax collections: revenues for the most recent month were $101.1 million greater than the amount forecasted

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 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 interest (collectively the […]

Washington’s average annual wage grew much slower in 2022 than in recent years

The Employment Security Department (ESD) reports that the state average annual wage was $84,167 in 2022. That is just 2.0% higher than the 2021 average wage. In 2020 and 2021, there were record high increases in the average wage (see the chart below). According to ESD, the growth in the average wage slowed because “[a] […]

May report on state tax collections: revenues for the most recent month were $16.4 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, mostly received in April, from monthly, quarterly and annual filers. For monthly filers, most payments relate to economic activity in the month of March. The total amount received this month was $2,401.3 million, […]

Document recording fees: A backfill, a simplification, and an addition

The state imposes four document recording surcharges to help fund housing programs. As I wrote last year, the revenues from these surcharges have been falling short of estimates. The 2023–25 operating budget (as passed by the Legislature) includes funding to backfill these programs. According to the conference report summary document, $66.0 million from the general […]

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 […]