State’s tax collections during the past month returned $33.1 million — or 1.4 percent — lower than forecasted in June, according to the latest revenue collection report released by the Economic and Revenue Forecast Council. When combined with July’s marginal growth, the state’s revenues since June are down $22.8 million or 0.5 percent than forecasted.
The report notes that, while Washington job growth in June was higher than forecasted, housing construction has slowed.
Monthly tax collections reports inform formal state revenue forecasts the Legislature uses to build the state’s operating budget. The council will release a new forecast next month. The governor will release his budget proposal in December before the Legislature convenes in January to try its hand.