Post by Logan on Feb 18, 2016 3:34:17 GMT -6
OLYMPIA — Wednesday marked the first time in two years that a state revenue forecast decreased for a current budget cycle, according to the state Office of Financial Management (OFM).
The state is expected to collect $78 million less in tax revenue for the 2015-17 budget cycle, according to OFM. At the same time, lower state spending on welfare, people living in nursing homes and medical-assistance costs is projected to cut spending by $62 million.
For practical purposes, then, the shortfall revealed at a Wednesday meeting of the state Economic and Revenue Forecast Council is $16 million.
It’s practically pocket change for a 2015-17 state budget that spends $38.2 billion.
Read more: www.seattletimes.com/seattle-news/politics/less-money-coming-in-for-current-budget-cycle-state-forecasts/
The state is expected to collect $78 million less in tax revenue for the 2015-17 budget cycle, according to OFM. At the same time, lower state spending on welfare, people living in nursing homes and medical-assistance costs is projected to cut spending by $62 million.
For practical purposes, then, the shortfall revealed at a Wednesday meeting of the state Economic and Revenue Forecast Council is $16 million.
It’s practically pocket change for a 2015-17 state budget that spends $38.2 billion.
Read more: www.seattletimes.com/seattle-news/politics/less-money-coming-in-for-current-budget-cycle-state-forecasts/