State revenues grow modestly

In its October monthly update, the state Economic and Revenue Forecast Council provided data that showed actual tax collections 0.7 percent or $13.8 million above what was forecasted in September.

This modest increase was driven by fines, fees, surcharges, and forfeitures from the Washington Court system. With $1 million collected, it came in 34.4 percent higher than expected. Lower than expected collections included payments from the motor vehicle and parts sector, which fell 1.3% year on year. Seven of the eleven retail trade sectors experienced negative year over year payment growth, with furniture and home furnishings experiencing the greatest drop (-11.1%), followed by building materials and garden equipment (-10.4%).

The next economic review will take place in early November, followed by a revenue forecast on November 26th, which will inform the governor’s 2024 supplemental budget proposal to the Legislature.