February 11–March 10 state revenue collections were $16.7 million greater than forecast

This afternoon the Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update. Here are the key bullets on revenue from the summary:

  • Major General Fund-State revenue collections for the February 11 – March 10, 2015 collection period were $16.7 million (1.6%) higher than the February forecast.
  • Revenue Act collections came in $21.6 million (2.3%) less than forecasted while non-Revenue Act collections came in $38.3 million (38.9%) higher than forecasted.
  • The forecast included a $13.3 million audit payment that did not occur during the collection period but is still expected to occur. Had the payment occurred as expected, collections would have been $30.0 million (2.8%) higher than forecasted.

Here is a chart snipped from the Update showing monthly seasonally-adjusted Revenue Act collections since 2004.

Revenue-Act-Receipts March 15This is the first collections report since the revenue forecast was revised in February.

In the update, it was reported that migration into the state set an all-time high during the March 2014 – February 2015 period, at least as measured by the number of out-of-state licenses turned in by people applying for Washington drivers licenses at the Department of Licensing. During the last 12 months 180,700 out-of-state licenses were turned in to DOL. Here is a chart showing licenses surrendered to DOL since 1983.

Drivers Licenses March 15 This is a clear sign that the economy is returning to normal.