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Tag: revenue forecast

March
20th

State revenue forecast is essentially flat

State lawmakers will be relieved that their budget problem didn’t grow today.

On the other hand, it didn’t shrink much either. The official shortfall, without counting court-mandated obligations to schools, stands still at just a bit more than $1.2 billion.

Today’s revenue forecast, though, is significant as the starting gun to the legislative budget process. Now Gov. Jay Inslee and lawmakers will start putting out their budget plans.

State forecasters raised their expectations by $59 million for revenue in the current budget period through June 30, but decreased it by $19 million for the next two-year period. They also lowered their sights,

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March
17th

Washington budget shortfall grows nearly $800 million with revenue forecast

Washington’s budget shortfall grew $778 million with the state revenue forecast released today, to about $5.3 billion that lawmakers need to bridge over the next 27 months.

“The problem has become more daunting,” House budget chairman Ross Hunter told reporters.

If you don’t consider a few big-ticket items that have already been cut in previous years and that everyone knows will not be renewed, the real amount that has to be cut or raised is more like $3.5 billion, Hunter said.

Projected revenues for the current two-year period have fallen 18 percent over the past three years, to about $28

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Feb.
11th

January tax collections suggest March state revenue forecast will be flat at best

An update of state tax collections released today suggests that the March Miracle some budget writers are dreaming of may not materialize.

March 17 is when the next state revenue forecast will be approved and it is that report that will be used to write the 2011-13 budget. Some have been hoping that it will show a sooner-than-expected economic recovery and a higher-than-predicted revenue estimate. Any amount that is above the November forecast would be welcome.

But Friday’s February update shows that collections are actually down from what was projected. While some of that is due to non-economic reasons

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