
	Chris Mulick has worked for the Herald since 1998 and has served as the statehouse correspondent covering state government and politics since 2000. He works year-round out of the Herald's Olympia bureau on the state Capitol campus. Have a question? Send Chris an e-mail and he'll answer the best questions regularly.

reprint or license print story

E-Mail

tool goes here

Monday, Aug. 11, 2008

Comments (0)

State revenue drops by another $60 million

Monthly tax collections for the period ending yesterday (July 11 through Aug. 10) were $60 million short of expectations, a development that likely worsens the state’s projected budget deficit.

This on the heels of the previous monthly collections that were $61 million short. As I wrote at the time, there are a number of moving pieces and assumptions used to build a deficit projection and it’s not as simple as adding $60 million to the old number. (For what it's worth, the Senate Ways and Means Committee staff projection for a $2.7 billion deficit was issued before the last two monthly drops in tax collections)

But, clearly, revenue collections are going in the wrong direction and there’s even less time for the kind of big economic turnaround that would dramatically reduce the size of the budget hole facing the next Legislature.

You can find the Aug. 10 report on the Economic and Revenue Forecast Council website by scrolling down to “Revenue Collection Reports.”

For more Olympia Dispatch see www.olympiadispatch.com

Stay updated with the Olympia Dispatch RSS feed: http://www.tri-cityherald.com/944/v-highlights/index.rss