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 […]
October 20 , 2022 - Kriss Sjoblom
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 […]
October 19 , 2022 - Emily Makings
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%. […]
October 17 , 2022 - Kriss Sjoblom
October report on state tax collections: revenues for the month exceeded forecast by $126 million
On 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 September 11 and October 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 […]
September 30 , 2022 - Emily Makings
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 […]