The Washington tax system collected $65 million more during the past month than the June quarterly forecast had predicted, according to the latest monthly-collections report issued Wednesday by the Economic and Revenue Forecast Council. It covered the period from Aug. 11 to Sept. 10.
That new gain comes on the heels of other higher than expected general-fund collections since the June forecast, bringing the net windfall to about $116.1 million. The June forecast was used to build the two-year state operating budget for 2013-15.
Gov. Jay Inslee signed that into law on June 30.
As we’ve reported before, the new revenue is helpful to budget writers in the Legislature who will revisit state budget in January, but the amounts are small compared to the size of the budget.
State economic forecast Steve Lerch’s monthly tax collections report is here. In it Lerch noted that real-estate excise taxes on large sales of commercial property are still fueling some of the higher-than-predicted revenues – providing $43.3 million of the excess tax collections since the last forecast.
The next quarterly revenue forecast is scheduled for release next week – at 10 a.m. Sept. 18.