The Economic and Revenue Forecast Council (ERFC) Tuesday released a revenue update report stating tax collections for the May 11 through June 10 collection period were higher than expected in March, though an early Public Utility District (PUD) tax payment added to that increase and will detract from next month’s collections.
Without including the $10 million early tax payment, collections were $30 million, or 1.7 percent, higher than forecasted. Cumulatively, again not including the PUD tax payment and also excluding an earlier $22 million unexpected audit payment, collections would have been $94.4 million, or 2.4 percent, above the March forecast.
The report also notes consumer confidence in May returned to pre-recession levels and that there was modest growth in Washington employment during March and April. Housing and construction continue to improve, while aerospace employment saw a slight decline.
The ERFC is scheduled to release the next revenue forecast on Tuesday, June 18.