The Economic and Revenue Forecast Council released a new report Tuesday finding that tax collections for the past month were up $6.5 million from the November revenue forecast, and are cumulatively $1.7 million higher than forecasted in November.
That represents virtually no change in advance of the release of a new forecast next week. The House and Senate will use the new forecast to construct their proposed rewrites of the underlying 2013-15 biennial budget.
Today’s report finds that Washington employment remains on target with the November forecast, adding 900 more jobs than expected. Personal income is also slightly higher than forecasted and housing permits experienced a rebound in the fourth quarter of 2013.
Today marks the midway point for the Legislature at day 30 of the 60 day legislative session, which is scheduled to adjourn on March 13.