Budget

Notes from the Ways & Means work session: Bank tax revenues, CBA costs, and one city’s rejection of federal relief funds

On Monday, the Senate Ways & Means Committee held a work session that included several items of fiscal interest. (The meeting can be watched here.) First, Dr. Lerch of the Economic and Revenue Forecast Council gave an update on the economic outlook. That day it was announced that with the November collections report, revenues have […]

How fast is federal relief being used?

Earlier I wrote that federal relief for Washington’s governments, businesses, and individuals now exceeds $100 billion. Some of the funding for governments is fairly flexible—for example, the coronavirus state and local fiscal recovery funds. I reviewed reporting by the most populous governments in Washington on how they are spending those funds here. Little had been […]

Federal relief funds to governments, businesses, and individuals in Washington now total over $100 billion

Federal COVID relief that has been allocated for Washington’s governments, businesses, and individuals now totals $101.7 billion. Of that, $75.4 billion has gone or will go to businesses and individuals and $26.3 billion is flowing through our state and local governments. (This money will be spent over several years. For context, state and local governments […]

Through July 31, addressing negative economic impacts was the largest planned use of federal fiscal recovery funds for Washington and its most populous local governments; little had actually been spent

Washington state and its largest local governments have spent very little of their Coronavirus State and Local Fiscal Recovery Funds so far, according to performance reports filed at the end of August. Meanwhile, funding to address negative economic impacts accounts for nearly half of planned expenditures (across all reporting governments). The American Rescue Plan Act […]

Federal relief funds to governments, businesses, and individuals in Washington total more than $93 billion so far

I’ve updated our table of federal COVID relief that has been allocated for Washington’s governments, businesses, and individuals. The relief now totals $93.6 billion. Of that, $67.3 billion has gone or will go to businesses and individuals and $26.3 billion is flowing through our state and local governments. This funding will be spent over several […]

Almost $90 billion in federal relief has so far been allocated to individuals, businesses, and governments in Washington

Federal coronavirus relief funding that Congress appropriated earlier this year in the American Rescue Plan (ARP) Act is still being distributed to its intended recipients. Because the bill includes so many pots of money that are for specific purposes, rather than for specific states, it’s still not clear exactly how much will come to Washington. […]

Second-guessing federal relief, now that budget situations in many states have improved (plus, allocations of federal relief for non-metro cities in Washington)

Expecting states and local governments to face severe budget shortfalls and new spending needs related to the pandemic, Congress appropriated hundreds of billions of dollars for two fairly flexible relief funds: the coronavirus relief fund (CRF, part of the CARES Act last year) and the coronavirus state and local fiscal recovery funds (part of this […]

Strong budgeting practices will help governments manage coronavirus state and local fiscal recovery funds

Washington’s state and local governments will receive $7.120 billion from the coronavirus state and local fiscal recovery funds (part of the American Rescue Plan Act). (Posts on Treasury’s guidance for use of the funds are here, here, and here.) The state has already appropriated (assuming no gubernatorial vetoes) $3.162 billion of its $4.428 billion share. […]

Tax cuts and the coronavirus state and local fiscal recovery funds

The U.S. Department of the Treasury’s interim final rule for the coronavirus state and local fiscal recovery funds discusses allowable uses of the funds (see here and here). It also details what the funds may not be used for. Jurisdictions may not use the money to make contributions to rainy day funds or to make […]

Despite revenue growth, could Washington use the coronavirus state fiscal recovery fund to replace “lost revenue”?

States and local governments may use their shares of the coronavirus state and local fiscal recovery funds for many purposes (generally related to the pandemic). The U.S. Department of the Treasury’s interim final rule for the program provides additional guidance for recipients. Earlier, I went over some of the allowable uses. Under the American Rescue […]