The Washington State Economic and Revenue Forecast Council released its March revenue update on Friday, showing marginal growth beyond expectations. Tax collections came in slightly higher than forecasted at $73 million, or 3.8 percent. Tracked collections since the November 2024 revenue forecast are $55.8 million, or 0.5 percent, greater than expected.
Since the November forecast, there have been $29 million in net large refunds that were not included in the forecast, accounting for some of the modest growth. Without these net refunds, collections would have been $92.8 million, or 1.2 percent, higher than forecasted, maintaining the overall flat pattern seen in the previous months of revenue updates. The growth was also spurred in part by larger-than-anticipated collections for the real estate tax, which came in $7.9 million or 11.9 percent higher than forecasted.
The next revenue forecast is scheduled for next Tuesday, March 18th, which budget writers will use to finalize their own budget proposals following former Gov. Inslee’s budget that was released late last year and the budget principles released by current Governor Ferguson.