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 16 , 2023 - Kriss Sjoblom
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 15 , 2023 - Kriss Sjoblom
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 18 , 2023 - Kriss Sjoblom
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 […]
November 18 , 2022 - Kriss Sjoblom
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 […]