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Seattle Mayor Greg Nickels' staffed briefed the City Council today on about $6 million in budget cuts to make up for a drop in projected real estate excise tax revenue this year.
There is no source of money to cover this loss, said Dwight Dively, the city's budget director. The 2009 budget was passed during much more prosperous times -- last year. While REET revenue has been averaging about $40 million annually, it's now at about $20 million. |
A bare-bones transportation budget was announced Wednesday by top-ranking Senators on the State Senate's Transportation Committee. The focus of the budget is to keep afloat high profile projects, such as the Alaskan Way Viaduct, the 520 projects and the ailing ferry system.
The state is facing a $514 million transportation shortfall for the 2009-11 biennial budget. The decline of funds is because the state gets the majority of its revenue for transportation projects from the state gas tax. |
No matter how you slice or dice the numbers Washington's economy is going to get worse before it gets better, according to a report today by the state's Economic and Revenue Forecast Council.
"We are witnessing an unprecedented economic crisis the likes of which, arguably, we have not seen since the Great Depression," ERFC Executive Director Arun Raha said during the quarterly revenue review in Olympia with legislators and the press. "That's not to say we're heading there, not by a long shot, but number two is not great either," he said while explaining his latest economic forecast showing a much weaker state economy than was predicted just a few weeks ago. |
Washington state Rep. Ross Hunter, D-Bellevue, wants to start taxing streaming online videos.
Hunter told the Seattle Times that watching a video online should be no different than renting a video at a video store, therefore, it should be taxed. |
Last year Washingtonians gave the state $65 million in unclaimed earned income tax credits.
To help raise awareness for the tax credit, Gov. Chris Gregoire last month said that January 30 is "Earned Income Tax Credit Day." |
