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Tag: state revenue

Revenue update: Economy limps, tax collections lag

Revenue update: Economy limps, tax collections lag

A new state economic and revenue update says the national economic recovery “appears to be stalling” and that state tax collections are lagging below expected levels. The report from chief economist Arun Raha says collections were down more than $40 million below the June forecast, bringing the total backslide for the past two months to $124.5 million. The news comes shortly after President Obama signed a $26 billion bailout for the states, including $338 million in expected federal aid for…

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Re: Rosier days coming

Re: Rosier days coming

A fairly optimistic new report says Washington’s state General Fund tax collections were up over $91 million during the last month, compared with a forecast made by state economists in March.  Overall, in the weeks and months since the last formal forecast, collections are about what was predicted (down just $4.9 million in a $35 billion budget).  One asterisk notes that property taxes came in earlier than expected, and that a more normal payment schedule would have caused a cumulative shortfall of about…

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Ouch: Another WA revenue dropoff

Ouch: Another WA revenue dropoff

As expected, Washington state’s treasury continues to take a pounding from the global recession, sliding another $41 million in new numbers from the Economic and Revenue Forecast Council. If you’re counting, that means we’re down nearly $96 million in the past two months since the last formal forecast that lawmakers used in writing the $35 billion two-year state budget. Lawmakers closed a $9 billion gap. Counting cost-cutting legislation that failed to pass, but not the potential vetoes that might save some money, we…

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