The new state tax-collection report shows some good news for Washington budget writers: Collections in the month ending June 10 showed $17.9 million more was taken in than state revenue forecasters had predicted in February.
The Economic and Revenue Forecast Council’s report, linked here, also mentions an improvement in job creation – including 16,100 new net jobs in Washington from December through April, with 15,500 of those in the private sector.
Top forecaster Arun Raha also says personal incomes are “growing moderately” and the council remains “bullish” about job prospects in the aerospace industry. He reports that software publishing is returning to health, housing construction is improving, but construction employment “continues to bump along the bottom.”
But the news is not entirely good, and the revenue from May 11-June 10 included a one-time assessment payment of $32.4 million and another $9 million came in through higher cigarette taxes adopted by the Legislature this year. Without those and other factors, the state’s collections would have fallen $9.1 million short of the February forecast.
The report hints at an interesting revenue forecast this coming week. The Economic and Revenue Forecast Council meets at 10 a.m. Thursday at the Capitol Campus, and Raha is expected to lay out his latest estimates for revenue collections through mid-2013.