A new quarterly forecast of state tax collections projects a small decline in anticipated tax collections when compared to expectations when a rewrite of the state’s two-year budget was approved this spring.
Issued this morning by the state’s Economic and Revenue Forecast Council, the report projects revenue to increase for both the current budget cycle and the new one that begins July 1, 2013. But that’s due to new revenue assumed in the budget that already has been booked by the Legislature.
Going forward the important numbers are those that are driven by economic activity. And those drove revenue projections down by $16.1 million for the current budget cycle and by $132.9 million for the next.
You can find the forecast report here. You can find coverage from the Spokesman-Review here and the Olympian here.
The council is scheduled to issue new forecasts in September, November and again in the first quarter of next year before the Legislature writes a new two-year budget.