Projected tax collections are down $529 million, which will serve to only widen the states budget gap.
Im on a conference call and couldnt make it to todays meeting of the Revenue Forecast Council. But the Seattle Times Andrew Garber was there to report the news.
I havent seen anything posted on the councils website yet. A statement by the states Office of Financial Management, in which Gov. Chris Gregoire call for the agency to find $200 million in savings posthaste, does not include a revised deficit number.
But expect Republicans to ask the Senate Ways and Means Committee for a revised outlook, which youll then hear about.
UPDATE: Elsewhere on the web you'll find reports that merely lop this $529 million revenue reduction on top of the $2.7 billion deficit projection that is now three months old to get a new deficit projection of $3.2 billion. But that doesn't account for changes in demand for state services and other factors, including new state worker contracts, that would (could? should?) be built into the baseline assumptions that would be used to construct such an estimate. The actual number could be higher. Again, we'll look for a revised estimate from the Ways and Means Committee staff.
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