Tax collections returned slightly higher than anticipated for the last month, according to an economic and revenue update published by the state’s Economic and Revenue Forecast Council on Wednesdsay. The report revealed that the state’s general fund collections were up $41.7 million or 1.7 percent over what was forecasted for the period in the last revenue forecast released in March. However, collections are slightly down by $35 million or 0.8 percent over the March forecast when accounting for last month’s collections.
Tax collections were driven by a rebound in automobile sales and stronger performing retail sectors like electronics and appliances. $25.4 million in unclaimed property was also transferred into the general fund in the May period.
The report shared that Washington job growth continues to weaken, with no growth in nonfarm payroll employment during February, March, and April. The state’s unemployment rate has held steady during that same period, unchanged at 4.4 percent in April and down from 4.6 percent a year ago.
Lawmakers adjourned the 2025 legislative session Sine Die on April 27th, sending budget agreements to the governor that are awaiting action. The next revenue forecast will be released on June 24th.