Politics blog

State revenue collections steady, beat forecast again by $4M for month

Staff writerDecember 11, 2013 

State revenue collections again topped forecasts for the past month - this time by a modest $4 million. The Office of the Economic and Revenue Forecast Council released its report on monthly tax collections Wednesday, showing that money is still flowing as well as expected into the general fund that pays for schools, prisons and most general government functions.

See the report from top state economic forecaster Stephen Lerch here.

The Nov. 20 forecast predicted a small decline in short term state tax receipts giving lawmakers about $33.88 billion in revenues for the ongoing 2013-15 biennium. But that forecast added $85 million in revenues for 2015-17 above what forecasters predicted in September. 

The state economy kept adding jobs but is seeing recent losses in manufacturing, construction and public sectors, according to Lerch. Among major taxes, retail sales revenues were up by more than 7 percent year over year, but business taxes fell as a year over year measure because a temporary surcharge on service businesses expired at the end of June.

 

Among taxes in the "non-Revenue Act" category, cigarette tax revenues fell more than $5 million short of forecast.

The forecast gives lawmakers little additional to work with in their next session. The Legislature convenes in Olympia on Jan. 13 for a 60-day session that requires action on a supplemental operating budget and possible action on a transportation tax package.

 

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