Washington State Economic Analysis

Economic &
Revenue Update
Economic and Revenue Forecast Council            May 15, 2020 

Summary
U.S. employment decreased by 20.5 million jobs in April; the unemployment rate rose
to 14.7%.
Real U.S. GDP growth declined 4.8% in the first quarter.
The decline in Washington employment in April was unprecedented.
The ISM-WW Index declined further into negative territory.
Washington car and truck sales plummeted to the lowest level in the history of the
series.
This is the first collection report to show large negative revenue impacts from the
COVID-19-related economic shutdowns.
Major General Fund-State (GF-S) revenue collections for the April 11 - May 10, 2020
collection period came in $434.6 million (22.5%) lower than the February forecast.
About half of this month's shortfall was due to DOR-approved deferrals of payments
for a large number of monthly filers and all quarterly filers. These payments, totaling
approximately $200 million, are expected to arrive before the end of June.
Cumulatively, collections since February 11 are now $428.5 million (8.7%) below the
forecast. Adjusted for the deferred payments, the cumulative shortfall is
approximately $229 million (4.7%).
United States                        administrative and support services (-1.5 million),
health care (-1.4 million), manufacturing (-1.3
Almost all economic data were negative this             million), arts, entertainment and recreation (-1.3
month. Nationally, the labor market saw the             million), other services (-1.3 million),
unemployment rate reach its highest level in the         construction (-1.0 million) and local government
history of the series which dates back to January         (-0.8 million).
1948. Residential construction and sales
weakened, manufacturing activity contracted and        Initial claims for unemployment insurance
construction and service sectors slowed.                 decreased 4,000 to 211,000 (SA) in the week
ending March 7th. The four-week moving average
National employment fell by 20.5 million net jobs        of initial claims increased by 1,250 to 214,000.
in April, reflecting the impacts of business                Layoff announcements in April, as tracked by
closures and other measures related to the              outplacement firm Challenger, Gray, and
containment of COVID-19. Employment data for        Christmas, totaled 671,129, the highest monthly
February and March were revised down by              total in the history of the series which dates back
214,000 jobs. Sectors with the largest job losses       to January 1993. The COVID-19 pandemic was
in April included accommodation and food service        responsible for 633,082 of these job cuts.
(-6.3 million), retail trade (-2.1 million),
Economic and Revenue Forecast Council                                                    Page 1

Average hourly earnings increased by $1.34 in          vehicles (SAAR) sold in March is the lowest
April.  This increase is largely due to the                    monthly total since April 2010.
disproportionate job loss among low-wage
workers rather than an increase in wages. The          Residential construction and home sales data
average workweek in April increased 0.1 hours to        were all weaker this month. Housing units
34.2 hours. The unemployment rate in April was        authorized by building permits in March were
14.7%, 10.3 percentage points above the March        6.8% (SA) below their February level but 5.0%
rate of 4.4%.                                           above their year-ago level. March housing starts
decreased by 22.3% (SA) compared to February
The first estimate of real U.S. GDP growth for the        but were 1.4% above their March 2019 level.
first quarter of 2020 was a decrease of 4.8%            New home sales in March decreased by 15.4%
(SAAR), with declines in personal consumption          (SA) compared to February and were 9.5% below
expenditures, nonresidential fixed investment and       their year-ago level. Existing home sales in
exports (see figure). In the fourth quarter of             March decreased by 8.5% (SA) compared to
2019, real GDP grew by 2.1%.                        February but were up 0.8% compared to March
2019. The seasonally adjusted Case-Shiller
GDP growth has plummeted             national home price index for February was 0.5%
4                                               above its January level and 4.1% above its year-
3                                               ago level.
2
Percent, SAAR 1                                                      April consumer confidence indicators posted sharp
0                                               declines. The Conference Board index of
-1                                                        consumer confidence decreased by 31.9 points in
-2                                                        April to 86.9. The record decline in consumers'
-3
assessment of current economic conditions was
-4
partially offset by an improvement in the short-
-5
term outlook for jobs and financial prospects,
-6
2016     2017     2018     2019     2020        likely prompted by the expectation that stay-athome
restrictions will be relaxed in the near
future. The University of Michigan (UM)
Manufacturing activity, already slowing in March,         consumer sentiment index decreased by 17.3
contracted further in April. The Institute for              points to 71.8 in April. This is the lowest level for
Supply Management's Purchasing Managers Index       the index since December 2011. 
(PMI) decreased by 7.6 points to 41.5 (50 or
higher indicates growth). The non-manufacturing        Petroleum spot prices dropped during April but
PMI for April was 41.8, 10.7 points below the            recovered somewhat in the last two weeks. For
March reading. This breaks a string of 122              the week ending May 8th, U.S. benchmark West
consecutive months above 50 for the non-              Texas Intermediate was $23 per barrel,
manufacturing index.                                  essentially unchanged from a month earlier but
well above its recent low point of $3 in late April.
Industrial production in March decreased by 5.4%       European benchmark Brent fell to $14 per barrel
(SA) compared to February. Over the year,             in late April before rising to $24 per barrel for the
industrial production is down by 5.5% (SA). New        week ending May 8th, $1 higher than during the
orders for core capital goods (i.e., durables               week of April 10th. Gasoline prices were
excluding aircraft and military), which is a proxy         unchanged between April 13th and May 11th at
for business investment, decreased by 0.1% (SA)       $1.85 per gallon (regular, all formulations). 
in March following a 0.7% decrease in February
according to U.S. Census Bureau data.                  The American Trucking Association's truck
tonnage index increased 1.2% (SA) in March
Light motor vehicle (autos and light trucks) sales         following a 1.8% (SA) increase in February. The
in March decreased by 32.2% (SA) from February       index is 4.3% above its year-ago level. Rail
and fell by 34.2% over the year. The 11.4 million       carloads for April were 12.6% (SA) below their

Economic and Revenue Forecast Council                                                    Page 2

March level and 24.7% below their year-ago            year-over-year declines in the previous three
level.  Intermodal rail units (shipping containers           months.  According to the S&P/Case-Shiller Home
or truck trailers) were 7.1% (SA) below their             Price Indices, seasonally adjusted Seattle home
March level and 16.9% below their April 2019           prices increased 0.8% in February, the tenth
level.                                                           consecutive monthly increase.  Because of the
Washington                      strong growth in the last several months,
February Seattle home prices were up 5.9% over
the year. In comparison, the composite-20 index
The decline in Washington employment in April          was up 3.4% over the year. February Seattle
was unprecedented in its depth and speed (see          home prices were up 100% since the December
figure).  We have four months of new Washington        2011 trough and exceeded the May 2007 peak by
employment data since the February forecast was       39%. 
released. Total nonfarm payroll employment fell
453,000 (seasonally adjusted) in April and               Seattle-area consumer price inflation exceeded
446,200 in the four-month period. The February        the national average due mostly to the volatile
forecast expected an increase of 27,500 in               food and energy components. From April 2019 to
January, February, March, and April. Private            April 2020, the Seattle CPI rose 1.3% compared
services-providing sectors lost 359,300 jobs in           to a 0.4% increase in the U.S. City Average
the four-month period. Construction employment       index. Energy prices fell less in Seattle than
declined by 47,200 jobs and manufacturing             elsewhere and food prices rose more. Core
declined by 27,700 jobs including the loss of             prices, which exclude food and energy, increased
8,300 aerospace jobs. Government payrolls            1.6% over the year in Seattle compared to 1.4%
declined by 11,100 jobs in January, February,           for the U.S. City Average. Over-the-year shelter-
March, and April.                                         cost inflation in Seattle was 3.1% compared to
the national rate of 2.6%. Seattle inflation
The job loss in April was unprecedented                     excluding shelter exceeded the national average
3,600                                                        at 0.3% compared to -0.7%.
3,400
3,200                                                        Washington exports declined over the year for a
sixth consecutive quarter. Year-over-year
Thousands 3,000
exports decreased 35.1% in the first quarter of
2,800                                                        2020.  The large decline was mostly because of
2,600                                                        transportation equipment exports (mostly Boeing
2,400                                                        planes) which fell 59.2% over the year.  Boeing
suspended deliveries of the 737 Max in March
2,200
2019. First quarter exports of agricultural
2,000
1990   1995   2000   2005   2010   2015   2020        products decreased 21.3% over the year and
exports of all other commodities (mostly
manufacturing) declined 5.7% over the year.
Washington housing construction slowed in the
first quarter of 2020 but still exceeded the                The Institute of Supply Management - Western
February forecast. In the first quarter, 49,800           Washington Index (ISM-WW) declined further into
units (SAAR) were permitted, down from 54,400        negative territory in April. The index, which
in the fourth quarter of 2019. First quarter              measures conditions in the manufacturing sector,
permits consisted of 24,800 single-family units           declined from 52.0 in February to 46.0 in March
and 25,000 multi-family units. The February            and 38.5 in April (index values above 50 indicate
forecast assumed an average rate of 44,900            growth while values below 50 indicate
(SAAR) units for the first quarter consisting of            contraction). The production, orders,
23,700 single-family units and 21,200 multi-            employment, and inventory components all
family units.                                               indicated contraction in April. As in March, only
the deliveries components indicated expansion,
Seattle-area home prices rose over the year for a        however this is misleading. A slowing of
seventh consecutive month in February following        deliveries is a plus for the index as it normally

Economic and Revenue Forecast Council                                                    Page 3

reflects strong demand. In the current context          deferrals, collections decreased 7.1% year over
the slowing of vendor deliveries is due to supply         year (see figure). The 12-month moving average
disruptions.                                               of year-over-year growth decreased to 5.5%.
Even adjusted for the deferrals, seasonally
Washington car and truck sales plummeted to the       adjusted collections dropped sharply (see figure).
lowest level in the history of the series which dates       Cumulatively, collections are now $436.0 million
back to July 1970. The seasonally adjusted number       (10.3%) lower than forecasted. Adjusted for the
of new vehicle registrations fell 63.5% from March       estimated deferred payments, cumulative
to April and 68.9% over the year.                       collections are approximately $236 million (5.6%)
lower than forecasted.
Revenue
Seasonally adjusted Revenue Act receipts
Overview                                     1.6
1.5
This is the first collection report to show large               1.4
1.3
negative revenue impacts from the COVID-19-
1.2
related economic shutdowns. Major General              $Billions 1.1
Fund-State (GF-S) revenue collections for the              1.0
April 11 - May 10, 2020 collection period came in          0.9
$434.6 million (22.5%) lower than the February           0.8
forecast. About half of this month's shortfall,               0.7
2004  2006  2008  2010  2012  2014  2016  2018  2020
however, was due to DOR-approved deferrals of
Revenue Act Revenue      3-Month Moving Average
payments for a large number of monthly filers            January 2004 through March 2020 activity
and all quarterly filers.  These payments, totaling           Current definition, adjusted for large payments/refunds and deferred April 2020 payments
approximately $200 million, are expected to
arrive before the end of June. Cumulatively,                     Seasonally adjusted Revenue Act receipts
collections since February 11 are now $428.5              1.6
million (8.7%) below the forecast. Adjusted for            1.5
the deferred payments, the cumulative shortfall is          1.4
approximately $229 million (4.7%).                      $Billions 1.3
1.2
1.1
Revenue Act                                      1.0
0.9
Revenue Act taxes consist of the sales, use,                0.8
business and occupation (B&O), utility, and                0.7
tobacco products taxes along with associated                 2004  2006  2008  2010  2012  2014  2016  2018  2020
penalty and interest payments. The revenue                      Revenue Act Revenue      3-Month Moving Average
January 2004 through March 2020 activity
collections reported here are for the April 11              Current definition, adjusted for large payments/refunds and deferred April 2020 payments
May 10, 2020 collection period. Collections
correspond primarily to the March 2020 economic       As shown in the "Key Revenue Variables" table,
activity of monthly filers and first quarter 2020           unadjusted Revenue Act collections fell 21.1%
activity of quarterly filers.                                    year over year.  Retail sales tax collections
dropped 20.8% year over year and B&O tax
Revenue Act collections for the current period            collections shrank 15.7% year over year.
came in $406.9 million (25.6%) below the
February forecast. Approximately $200 million of        Total tax payments as of May 1 from electronic
shortfall, however, was due to DOR-approved           filers who also filed returns in the April 11  May
deferrals of payments for a large number of             10, 2019 period were down 1.4% year over year
monthly filers and all quarterly filers.  The                 (payments are mainly Revenue Act taxes but
deferred payments are expected to arrive before        include some non-Revenue Act taxes as well).
the end of June. Without the deferred payments,        Last month payments were up 13.2% year over
collections would have been $206.9 million              year due to last year's heavy snows. Some
(13.0%) lower than forecasted. Adjusted for the        details of payments from electronic filers:

Economic and Revenue Forecast Council                                                    Page 4

Total payments in the retail trade sector were          DOR Non-Revenue Act
down 4.7% year over year. Last month,
April DOR non-Revenue Act collections came in
payments were up 14.4% year over year.
$27.3 million (8.2%) lower than forecasted.
Cumulatively, however, collections are now $8.0
Payments from the motor vehicles and parts
million (1.2%) higher than forecasted.
sector decreased by 34.0% year over year.
Last month, payments in the sector grew
The largest contributor to this month's shortfall
17.5% year over year.
was real estate excise tax (REET) collections,
which came in $12.4 million (8.2%) lower than
Retail trade sectors showing strong year-overforecasted.
While the drop in seasonally adjusted
year growth were food and beverage stores
sales from last month was considerable (see
(+25.5%), nonstore retailers (+12.2%),
figure), it was tempered by sales that, while
building materials and garden supplies
reported in April, were initiated in March before
(+9.1%), electronics and appliances (+8.8%)
the bulk of the virus-related shutdowns.
and general merchandise stores (+8.6%).
Reported sales of large commercial property
(property valued at $10 million or more) totaled
Besides autos, three retail sectors showed
$299 million, down from last month's total of
declining year-over-year payments: apparel
$633 million. Cumulatively, REET collections are
and accessories (-44.4%), furniture and home
still $21.3 million (12.7%) higher than forecasted.
furnishings (-13.8%) and sporting goods,
toys, books, and music (-11.1%).
April REET activity declined due to COVID-19
shutdowns
Payments from non-retail trade sectors                      14
increased 0.4% year over year in the current
12
period. Last month, year-over-year payments
increased 12.6%.                                    10
8
Tax payments by businesses in the
6
accommodation and food services sector
shrank by 35.2% year over year. Last month         Activity, $billions SA   4
receipts from the sector increased 17.3% year           2
over year.                                               0
1999  2002  2005  2008  2011  2014  2017  2020
Payments from the manufacturing sector              Source: ERFC, data through April 2020 estimated activity
decreased by 6.0% year over year. Last
month payments increased 17.1% year over
Property tax collections came in $9.4 million
year. This month saw a moderate decrease in
(4.8%) lower than forecasted. Cumulatively,
payments from the petroleum refining sector,
collections are now $3.5 million (1.3%) lower
due to both a year-over-year decrease in oil
than forecasted.
prices and a decrease in sales volume. The
month also saw a large decrease in payments        Liquor taxes came in $0.1 million (0.6%) higher
from the transportation equipment sector.           than forecasted. Cumulatively, receipts are now
Excluding the transportation and petroleum          $1.6 million (2.3%) higher than forecasted.
sectors, payments from the remaining
manufacturing sectors decreased by 6.9%           Cigarette tax receipts came in $2.7 million
year over year after increasing 7.5% last             (10.3%) higher than forecasted. Cumulatively,
month.                                       however, receipts are now $2.3 million (3.2%)
lower than forecasted.
Tax payments by businesses in the
construction sector increased 6.7% year          Net refunds of unclaimed property from the GF-S
over year. Last month receipts from the          were $3.3 million higher than forecasted.
construction sector increased 9.8% year          Cumulatively, net refunds are now $6.3 million
over year.                                       higher than forecasted.

Economic and Revenue Forecast Council                                                    Page 5

Net refunds of unclaimed property from the GF-S
were $3.3 million higher than forecasted.
Cumulatively, net refunds are now $6.3 million
higher than forecasted.
All other DOR revenue came in $5.1 million
(27.5%) lower than forecasted, with shortfalls in
a large number of sources. Cumulatively,
collections are now $2.6 million (2.6%) lower
than forecasted.
Other Revenue
Revenue from the Administrative Office of the
Courts came in $0.4 million (7.1%) lower than
forecasted. Cumulatively, revenue is now $0.5
million (3.2%) lower than forecasted. 
















Economic and Revenue Forecast Council                                                    Page 6

Key U.S. Economic Variables
2019            2020
Nov.     Dec.     Jan.     Feb.     Mar.     Apr.             2018     2019
Real GDP (SAAR)                               - 2.1        - - -4.8        -                                  2.9      2.3
Industrial Production (SA, 2007 = 100)          110.0    109.6    109.1    109.3    104.3     92.6              108.6    109.5
YOY % Change                                 -0.4       -0.8       -0.9       -0.3       -4.9      -15.0                  3.9        0.9
ISM Manufacturing Index (50+ = growth)        48.1     47.2     50.9     50.1     49.1     41.5              58.8     51.2
ISM Non-Manuf. Index (50+ = growth)          53.9     54.9     55.5     57.3     52.5     41.8              58.9     55.6
Housing Starts (SAAR, 000)                    1,381    1,601    1,619    1,564    1,216         -              1,250    1,290
YOY % Change                                 14.9      40.2      25.4      36.1        1.4         -                 3.9        3.2
Light Motor Vehicle Sales (SAAR, mil.)            17.0      16.6      16.9      16.8      11.4       8.6                17.2      16.9
YOY % Change                                 -2.3       -4.2       1.3        1.4      -34.2      -47.9                  0.5       -1.9
CPI (SA, 1982-84 = 100)                       257.8    258.4    258.8    259.1    258.0    255.9             251.1    255.7
YOY % Change                                  2.0        2.3        2.5        2.3        1.5        0.4                  2.4        1.8
Core CPI (SA, 1982-84 = 100)                  265.5    265.8    266.5    267.1    266.8    265.6             257.6    263.2
YOY % Change                                  2.3        2.2        2.3        2.4        2.1        1.4                  2.1        2.2
IPD for Consumption (2009=100)              110.2    110.5    110.7    110.8    110.5        -             108.1    109.7
YOY % Change                                  1.3        1.6        1.8        1.8        1.3         -                 2.1        1.4
Nonfarm Payroll Empl., e-o-p (SA, mil.)          151.8    152.0    152.2    152.5    151.6    131.0              149.9    152.0
Monthly Change                                   0.26       0.18       0.21       0.25      -0.88     -20.54                  2.31       2.13
Unemployment Rate (SA, percent)               3.5      3.5      3.6      3.5      4.4     14.7               3.9      3.7
Yield on 10-Year Treasury Note (percent)        1.81      1.86      1.76      1.50      0.87      0.66               2.91      2.14
Yield on 3-Month Treasury Bill (percent)         1.57      1.57      1.55      1.54      0.30      0.14                1.97      2.10
Broad Real USD Index** (Jan. 2006=100)      107.7    107.0    106.4    107.7    111.7    113.8             104.1    107.1
Federal Budget Deficit ($ bil.)*                  208.8      13.3      32.6     235.3     119.0     737.9               779.0     984.4
FYTD sum                                    343.3     356.6     389.2     624.5     743.5    1,481.3
US Trade Balance ($ bil.)                       -43.8     -48.6     -45.5     -39.8     -44.4         -              -627.7   -616.4
YTD Sum                                  -567.8     -616.4      -45.5      -85.3     -129.7         -
*Federal Fiscal Year runs from October 1st to September 30th.
**Weighted average of U.S. dollar foreign exchange values against currencies of major U.S. trading partners, Federal Reserve.

Economic and Revenue Forecast Council                                                                           Page 7





Economic and RevenueForecast Council

Key Washington Economic Variables
2019             2020
Nov.     Dec.     Jan.     Feb.     Mar.     Apr.             2018     2019
Employment                                                                               End-of-period
Total Nonfarm (SA, 000)                     3,494.3  3,503.5  3,513.4  3,519.6  3,510.3  3,057.3            3,431.5  3,503.5
Change from Previous Month (000)                      9.0         9.2         9.9         6.2        -9.3     -453.0                   72.8       71.9
Construction                                  221.8    222.1    223.0    226.3    224.9    174.9              218.7    222.1
Change from Previous Month                           1.0        0.3        0.9        3.3        -1.4       -50.1                   13.3        3.4
Manufacturing                               293.3    293.6    292.7    292.8    290.6    265.9             293.0    293.6
Change from Previous Month                           0.9        0.3        -0.9        0.1        -2.2       -24.7                    9.5        0.6
Aerospace                                  88.8     89.5     89.0     88.2     87.6     81.2              86.4     89.5
Change from Previous Month                           0.3        0.7        -0.5        -0.8        -0.6        -6.5                    4.6        3.0
Software                                    71.9     72.3     72.5     73.4     73.6     70.0              67.4     72.3
Change from Previous Month                           0.5        0.4        0.3        0.8        0.2        -3.5                    4.6        4.9
All Other                                      2,907.4   2,915.5   2,925.1   2,927.1   2,921.2   2,546.5             2,852.4   2,915.5
Change from Previous Month                           6.6        8.1        9.7        2.0        -5.9     -374.7                   45.4       63.1
Other Indicators                                                                                          Annual Average
Seattle CPI (1982-84=100, NSA)                     - 279.4        - 282.1        - 280.5                         271.1    277.9
-       2.2%          -       2.5%          -      1.3%                  3.2%       2.5%
Housing Permits (SAAR, 000)                    61.5     56.8     54.1     50.8     44.5         -               44.2     48.3
34.1%     17.3%     28.9%     45.4%    -14.7%         -              -1.1%     9.3%
WA Index of Leading Ind. (2004=100)           129.7    130.2    129.0    129.4    120.3        -             127.4    128.8
1.7%     1.8%     0.8%     2.8%     -6.7%         -               2.7%     1.1%
WA Business Cycle Ind. (Trend=50)              77.9     80.5     76.3     77.8     72.3         -               77.1     77.1
-0.2%      3.9%     -1.4%      5.8%     -5.3%         -                6.9%      0.0%
Avg. Weekly Hours in Manuf. (SA)               42.6     42.9     41.7     42.1     41.2         -               42.3     42.6
-0.4%      0.0%     -2.4%      3.1%     -4.5%         -                1.5%      0.6%
Avg. Hourly Earnings in Manuf.                 29.8      30.1      29.0      28.9      28.6         -               28.4      29.3
3.1%     2.6%     -0.3%     -2.3%     -2.5%         -               3.8%     3.1%
New Vehicle Registrations (SA, 000)              23.2     22.8     23.3     24.3     21.5       7.8               25.0     23.7
-13.1%     -7.6%     -5.7%      8.0%    -11.9%    -68.9%               -1.4%     -5.2%
Initial Unemployment Claims (SA, 000)           27.0     28.5     31.3     26.4    425.2    513.0               26.3     28.5
-2.4%     11.4%      5.0%    -30.3%   1450.7%   1740.8%               -2.0%      8.3%
Personal Income (SAAR, $bil.)                        - 502.1             - - - -                                         467.4    494.2
-      5.6%           - - - -                                                 7.5%       5.7%
Median Home Price ($000)                        - 396.9            - - - -                                      364.7    395.7
-     11.5%           - - - -                                                 5.9%       8.5%
*Employment data has been Kalman filtered and does not match figures released by the BLS
*Percentage Change is Year-over-Year
Economic and Revenue Forecast Council                                                                            Page 8

Key Revenue Variables
Thousands of Dollars
2019                                                                                  2020
Apr 11-    May 11-     Jun 11-     Jul 11-     Aug 11-     Sep 11-     Oct 11-     Nov 11-     Dec 11-     Jan 11-     Feb 11-     Mar 11-     Apr 11-
May 10     June 10      Jul 10     Aug 10     Sep 10      Oct 10     Nov 10     Dec 10      Jan 10     Feb 10     Mar 10      Apr 10     May 10
Department of Revenue-Total          1,819,578  2,828,506  1,788,601  1,740,100  1,664,931  1,669,398  1,911,881  2,929,650  1,842,924  1,846,892  1,522,387  1,454,131  1,490,063
3.1        1.6        0.5        1.2        5.6        6.4        6.6       56.0        9.6        0.4        7.0        5.8      -18.1
Revenue Act                        1,500,886  1,357,118  1,367,350  1,616,406  1,486,401  1,495,620  1,562,158  1,503,491  1,423,208  1,685,712  1,339,368  1,260,442  1,184,718
3.1        7.6        2.0        6.3        7.0        7.0        5.7        6.2        6.4        0.9        6.2        8.0       -21.1
Retail Sales Tax                      964,737    907,741    941,300  1,075,554    993,590  1,009,745  1,040,129    985,246    950,720  1,117,362    862,669    757,294    763,803
3.1        9.2        5.2        7.0        6.6        7.3        6.4        6.3        5.9        7.2        4.9        0.2       -20.8
Business and Occupation Tax            406,947    352,276    336,474    428,944    375,192    375,531    413,841    404,396    386,709    456,130    357,309    380,128    343,195
4.0        8.5        -1.1        7.0        8.6        5.3        4.7       11.0       13.3        -7.3        5.9       26.2       -15.7
Use Tax                             66,646     48,519     67,310     70,648     66,505     59,707     62,048     66,837     51,185     61,309     62,354     52,701     40,803
3.1       -13.5       10.0       17.0        9.0       11.3        1.7       -12.1       -21.9       -27.5        9.9        -6.7       -38.8
Public Utility Tax                       45,075     35,415     34,296     34,204     31,224     33,101     29,952     24,115     19,276     33,511     42,140     41,429     28,781
-5.3        -1.2        3.2        2.9        -3.1        -6.6        -9.6       27.5        4.5        -5.5        8.7        -0.5       -36.1
Tobacco Products Tax                   11,369      4,286      6,635      2,870      8,080      2,147      5,031      8,109      2,233      6,384      2,471      3,823      3,499
194.4       -34.5       125.2       -70.4       180.5       -31.4       -18.2       208.4        -9.5       123.5        -0.5       -40.1       -69.2
Penalties and Interest                   6,112      8,881    -18,666      4,187     11,809     15,390     11,158     14,787     13,085     11,016     12,427     25,067      4,637
-54.1       40.5      -324.7       -61.1       -24.5       100.9       116.1       -46.8       14.2       -22.3       225.8       310.2       -24.1
Non-Revenue Act*                    318,692  1,471,387    421,251    123,694    178,530    173,778    349,723  1,426,159    419,715    161,180    183,019    193,690    305,345
3.2       -3.4       -4.1      -37.7       -4.5        1.7       10.8      209.1       22.1       -4.8       13.0       -6.4       -4.2
Liquor Sales/Liter                      22,156     21,658     24,790     24,216     28,592     24,327     22,959     24,162     24,751     35,389     22,906     20,278     25,200
-24.6        7.5        5.4        4.8       10.4        -1.2        6.2        5.0        3.9        5.0        4.1        -6.5       13.7
Cigarette                            27,788     32,557     23,475     32,690     24,133     29,652     33,699     22,676     32,480     32,443     19,206     20,322     29,322
8.8        -6.0        -7.1        -6.6       -34.8        8.0        4.8       -22.9       10.9        7.6        -3.8        -4.6        5.5
Property (State School Levy)            160,233  1,315,310    258,619    -67,207     12,035     16,322     64,191  1,234,712    187,782     14,282      6,982     71,558    186,427
8.3        -0.1        0.9      -519.0        5.0        -9.5       43.0       300.1        -4.1       19.4        -9.4       34.2       16.3
Real Estate Excise                     95,231     91,832    110,780    125,943     99,598     95,704    115,092    100,115    168,072     59,577     55,533     78,457     54,836
13.7        -7.0        -2.6       10.6        -7.5       10.5        3.8       39.6       91.9       -25.7        -7.5        1.3       -42.4
Unclaimed Property                     -6,216     -3,737     -6,907     -5,754       -185       -895     99,873     28,258     -2,628      2,517       560     -4,673     -3,985
-429.6      -146.8       67.9       -10.3       -96.0      -117.3       17.0       39.6       40.8      -217.1      -121.7      -538.4       -35.9
Other                               19,500     13,768     10,494     13,806     14,357      8,668     13,909     16,236      9,258     16,973     77,831      7,747     13,546
-4.2       -69.9       -57.5       -18.0       53.1        -3.7       -33.2       94.9        4.0        9.9       42.1       -75.9       -30.5
Administrative Office of the Courts*        6,425      6,098      7,074      4,991      6,220      5,860      5,952      6,343      5,138      5,682      4,929      4,810      5,750
-9.5        -7.9        9.6       -18.5        -6.9        -6.1        -0.6       -10.0        -9.3        4.8       -10.7        -7.3       -10.5
Total General Fund-State**           1,826,003  2,834,603  1,795,675  1,745,091  1,671,152  1,675,258  1,917,833  2,935,993  1,848,061  1,852,574  1,527,316  1,458,941  1,495,813
3.0        1.6        0.5        1.2        5.6        6.4        6.6       55.8        9.6        0.4        6.9        5.8      -18.1
*Monthly Revenues (month of beginning of collection period)
** Detail may not add due to rounding. The GFS total in this report includes only collections from larger state agencies: the DOR, Lottery Commission, AOC and DOL.
Note: Italic figures refer to Year-over-Year percent change.







Economic and Revenue Forecast Council                                                                            Page 9

Revenue Forecast Variance
Thousands of Dollars
Difference
Period/Source                                     Estimate*         Actual        Amount     Percent
April 11 - May 10, 2020
May 10, 2020 Collections Compared to the February 2020 Forecast
Department of Revenue-Total                             $1,924,238      $1,490,063       ($434,175)       -22.6%
Revenue Act** (1)                                      1,591,581       1,184,718         (406,862)       -25.6%
Non-Revenue Act(2)                                      332,657         305,345         (27,312)        -8.2%
Liquor Sales/Liter                                            25,059           25,200               141           0.6%
Cigarette                                                    26,582           29,322             2,739         10.3%
Property (State School Levy)                               195,818         186,427            (9,392)         -4.8%
Real Estate Excise                                           67,186           54,836           (12,350)        -18.4%
Unclaimed Property                                          (683)          (3,985)          (3,302)           NA
Other                                                  18,695          13,546           (5,149)       -27.5%
Administrative Office of the Courts (2)                             6,186            5,750              (436)         -7.1%
Total General Fund-State***                       $1,930,424    $1,495,813      ($434,611)      -22.5%

Cumulative Variance Since the February Forecast (February 11, 2020 - May 10, 2020)
Department of Revenue-Total                             $4,894,594      $4,466,581       ($428,013)        -8.7%
Revenue Act** (3)                                      4,220,548       3,784,528         (436,020)       -10.3%
Non-Revenue Act(4)                                      674,046         682,053           8,007         1.2%
Liquor Sales/Liter                                            66,831           68,383             1,553           2.3%
Cigarette                                                    71,138           68,850            (2,288)         -3.2%
Property (State School Levy)                               268,489         264,967            (3,522)         -1.3%
Real Estate Excise                                          167,587          188,826            21,239         12.7%
Unclaimed Property                                        (1,755)          (8,097)          (6,342)           NA
Other                                                 101,757          99,125           (2,633)        -2.6%
Administrative Office of the Courts (4)                           15,999           15,489              (511)         -3.2%
Total General Fund-State***                       $4,910,593    $4,482,070      ($428,523)       -8.7%

1 Collections April 11 - May 10, 2020. Collections primarily reflect March 2020 activity of monthly filers
and first quarter 2020 activity of quarterly filers.
2 April 2020 collections.
3 Cumulative collections, estimates and variance since the February 2020 forecast (February 11, 2020 - May 10, 2020)
and revisions to history.
4 Cumulative collections, estimates and variance since the February forecast (February - April 2020) and revisions to history.
*Based on the February 2020 economic and revenue forecast released February 19, 2020.
**The Revenue Act consists of the retail sales, B&O, use, public utility, tobacco products taxes, and penalty and interest.
*** Detail may not add due to rounding. The General Fund-State total in this report includes only collections from the
Department of Revenue and the Administrative Office of the Courts.







Economic and Revenue Forecast Council                                            Page 10

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