The Washington State Economic and Revenue Forecast Council released their October monthly revenue update which indicates little growth. Collections are up $68.1 million or 3.2 percent over what was projected in the state’s September forecast.
The growth was driven by higher than anticipated undistributed receipts which total $18.1 million and are likely to be distributed next month, eliminating the surplus. Real estate excise taxes also aided the increase, up $8.3 million or 8.0 percent higher than forecasted. Washington’s unemployment rate held steady, unchanged in the month of September at 4.8 percent.
The next revenue forecast is expected in November and in December the governor’s office will release its proposed operating budget for the upcoming biennium.