Dear Members of the University of Washington Community:
The condition of the Washington economy and the revenue it generates in state taxes continue to concern everyone watching the state budget. All of us at the University are still dealing with the aftermath of the 2009 legislative session and the budget cuts resulting from a historically large revenue shortfall. The most recent revenue forecast from Olympia unfortunately reflects a continuing downward spiral in state tax revenues and an even larger budget hole the state will need to address in the 2010 session. Though the nation’s economy in recent months has shown welcome signs of recovery in various sectors, unemployment continues to be a nagging problem. And with our state’s heavy reliance on the sales tax, people’s confidence level and willingness to make purchases directly affect the condition of the state budget. The turnaround in state tax revenues we have all been hoping for has yet to materialize. Continue reading “Addressing the Latest State Revenue Shortfall”