Office of Financial Management
September 21, 2012
WA Revenue Forecast Up Slightly
The Economic Revenue and Forecast Council (ERFC) released its September revenue forecast on the 19th. Believe it or not: Anticipated revenues for the current (2011-13) and upcoming (2013-15) biennia were slightly ahead of the previous forecast. Although only eight months of the current biennium remain, revenues are running $29 million ahead of predicted levels due…
August 7, 2012
Another Depressing State Budget Forecast
Yesterday, Governor Gregoire’s budget office issued a lackluster four-year revenue and expenditure outlook for the state’s near general fund. The coming 2013-15 biennium (FY14 & FY15), for which the Governor will release a budget in December, comes up short on anticipated revenue and long on expenditures. Before accounting for required increases in K12, across-the-board salary…
November 21, 2011
Governor Cuts UW Funding by $37M, Proposes Offsetting Tax Increase
The Governor’s budget office released the first supplemental budget proposal today, further reducing state expenditures for the 2011-13 biennium by $1.7 billion. All told, higher education institutions would absorb about nine percent of the total cut. Under the Governor’s proposal, each of the state’s six baccalaureate institutions would receive 16-17 percent cuts in state funding for…
February 24, 2011
UW Asked to Model Steep Budget Cuts for 2011-13
Last week, Senate and House Fiscal and Higher Education Committee leadership asked all public baccalaureate institutions and the community and technical colleges to identify specific budget reductions at three levels for 2011-13. For the UW, those cut intervals were: The Governor’s proposed $189.8 million cut, a $218 million cut (Governor’s cut + 15%), and a $246…
February 17, 2011
Closing in on a Final Compromise for the FY 2011 WA State Budget
Leadership in both fiscal committees of the House of Representatives and Senate signed a compromise budget to closing the remaining FY 2011 budget deficit. Both new cuts and fund transfers are included in the compromise. While the budget is not final and both chambers must take a floor vote, the conference budget is in near final…
December 8, 2010
Federal Maintenance of Effort Requirement Makes State Financial Aid Programs Vulnerable
Both the American Recovery Act (ARRA) of 2009 and the 2010 Education Jobs Fund provided federal funding for education. In exchange for accepting federal funds, both fiscal relief vehicles came with Maintenance of Effort (MOE) provisions requiring states to continue financial support for higher education institutions at certain minimum levels. However, some forms of state…
October 19, 2010
Fall 2010 Submissions to the Office of Financial Management (OFM)
UW administration recently submitted four budget exercises to not only close out the current biennium (2009-11), but also to plan for the coming biennium (2011-13). Each submission was required by OFM. Information to make final adjustments to the current, 2009-11 biennium: Before the Legislature starts the process of creating an operating budget for the next…
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