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July Economic & Revenue Update Indicates Continued Growth in Washington

Thu, 2018-07-19 13:59

July Economic & Revenue Update Indicates Continued Growth in Washington

Last month the Washington state Economic and Revenue Forecast Council (ERFC) released their June revenue forecast. Cumulative major General Fund-State (GF-S) revenue collections were $189 million higher than the February revenue forecast.

Here is a quick summary of the total projected GF-S revenue for each biennium:

  • $45.288 billion, for the 2017-19 biennium, 16.0% more than the 2015-17 biennium
  • $49.363 billion, for the 2019-21 biennium, 9.0% more than the 2017-19 biennium
  • $53.170 billion, for the 2021-23 biennium, 7.7% more than the 2019-21 biennium

Some context behind the numbers:

  • Cumulative real estate excise taxes (REET) were $25 million (8.0%) higher than forecasted.
  • Revenue Act taxes, which consist of sales, use, business and occupation (B&O), utility and non-cigarette tobacco products, make up the bulk of the GF-S revenue. Collections were $131 million (2.7%) higher than forecasted.

In July the ERFC released an economic & revenue update that showed a further increase in GF-S revenue collections. Here is how this update compares:

  • GF-S revenue collections for June 11 through July 10 were $41.1 million (2.4%) above the June forecast.
  • Revenue Act tax collections for the current period were $39.3 million (3.0%) higher than the June forecast.

Washington continues to lead the country in personal income growth. The U.S. Department of Commerce, Bureau of Economic Analysis (BEA) released state personal income estimates for the first quarter of 2018. These estimates showed Washington personal income rose to $434. 1 billion in the first quarter 2018 compared to $426.5 billion in the fourth quarter of 2017. With 7.4% growth rate, Washington was the highest among the states and the District of Columbia.

Check back with the OPBlog in September for future updates on revenue forecasts.

UW’s Adopted FY19 Operating Budget and Tuition Rates

Fri, 2018-06-08 14:39

UW’s Adopted FY19 Operating Budget and Tuition Rates

On June 7, the Board of Regents adopted the UW’s Fiscal Year 2019 (FY19) Operating Budget. The budget includes final 2018-19 tuition rates and expected revenue and proposed expenditures by budget area. Supplementary documents can be found on OPB’s Annual Budgets page.

In conjunction with the FY19 Operating Budget, OPB has updated the estimated 2018-19 cost of attendance for 1st year UW undergraduates. This shows estimated student expenses across UW’s three campuses for:  tuition, mandatory student fees, room & board, books, personal expenses, and transportation. A printable PDF version can be found here. Please note that students often pay far less than the amounts shown after accounting for grant and scholarship aid. Please visit the Office of Student Financial Aid website for more information regarding student budgets and net price.

Public Profiles – New Interactive Dashboards Now Available!

Tue, 2018-05-15 11:43

Public Profiles – New Interactive Dashboards Now Available!

In May 2018, in collaboration with UW-IT’s Enterprise Information, Integration and Analytics (EIIA) unit, the Office of Planning and Budgeting (OPB) relaunched Public Profiles, which are now five interactive dashboards including:

All dashboards, except Degrees Production Trends (which is refreshed every August), are refreshed with new data every academic quarter after census day. The data is sourced from the University of Washington’s Enterprise Data Warehouse (EDW). The numbers presented in all dashboards have been approved by OPB and reconcile against internal institutional dashboards – UW Profiles (requires access to EDW).

These dashboards act as the University of Washington’s “Institutional Fact Book.”  Anyone with the access to the internet can view these dashboards using their preferred browser. Explore the dashboards: http://opb.washington.edu/uw-profiles-information

Check back for additional dashboards and visualizations as they become available. Updates regarding these dashboards are also provided by UW-IT on their News page.

Please contact uwprofiles@uw.edu with any questions or for help using these dashboards.