State Relations

October 14, 2013

Forecast shows revenues up, confidence down

On Friday (Oct. 11), the Washington State Economic Revenue & Forecast Council published it’s monthly economic and revenue update.

Among other news, the report shows that tax collections were again higher than previously forecast, and consumer confidence is down, likely as a byproduct of the federal government shutdown.

A few additional highlights from the update:

  • Washington employment and income continue to grow moderately.
  • Major General Fund-State revenue collections for the September 11 – October 10, 2013 collection period were $32.3 million (2.9%) higher than the September forecast.
  • The forecast included a $22.5 million refund that did not occur this month but will occur at a later date. Had the refund occurred as expected, collections would have been $9.8 million (0.9%) above the forecast.

The ERFC’s revenue review released in November will be the basis for Governor Inslee’s supplemental budget proposal for the 2014 legislative session. Session is set to begin in early January.