As state slowly reopens, dark clouds hover over budget

[Yo_Mama_Been_Loggin]

OLYMPIA — An ominous new analysis warns the pandemic may deliver a multi-billion-dollar blow to state coffers as Gov. Jay Inslee continued Tuesday to slowly crank up a rebooting of the economy, shoring up of the social service safety net and restoring a degree of normalcy to public life in the coming weeks.

The report prepared by the state’s chief economist suggests revenue collections could be down $756 million through the end of June and nearly $3.8 billion by the end of the current budget in mid-2021.

And it projects lawmakers could face another $3.3 billion drop in tax receipts for the ensuing two-year budget which they will be crafting in the next regular session.

Economist Steve Lerch drafted the unofficial revenue forecast for members of the Economic and Revenue Forecast Council at the behest of its chairman, Rep. Ed Orcutt, R-Kalama. He cautioned that there is “substantial uncertainty” at this point on what could happen because key sources of data about the economic impacts of COVID-19 are not yet available.

https://www.heraldnet.com/news/as-state-slowly-reopens-dark-clouds-hover-over-budget/?utm_source=DAILY+HERALD&utm_campaign=eb0198c4af-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d81d073bb4-eb0198c4af-228635337

[Under The Radar]

1. Washington isn't alone in this either

This is the truth that Trump fears being told. It ain’t just blue states, it is all states because revenue is based upon tax revenue. Sales tax and income tax will be at a new low and state expenditures to fight the virus has exponentially increased.
Heads up because it is an election year where both parties will sacrifice deficits for votes.