State tax collections for the past month fell $22 million shy of expectations, according to this report issued this morning by the state’s Economic and Revenue Forecast Council. The Olympian’s Brad Shannon filed this report on it here.
This comes just days before the council releases its quarterly forecast of tax revenues which is set for 10 a.m. Thursday. That report will be the one used by the governor, and at least initially by the Legislature, when they begin crafting their budget proposals. The governor’s is expected to be released sometime next week.
Tax collections since the last forecast have generally hit the target and are down by just $11.8 million. But state economist Arun Raha continues to warn against large downside risks. Those continued worries could push the forecast lower.
In fact, Shannon reported over the weekend that one key lawmaker is predicting the forecast could drop by something on the order of $100 million, expanding the state’s $2 billion shortfall.