King County Forecast Council adopts March revenue forecast and approves 2025 work plan

King County Forecast Council members voted unanimously March 17 to adopt the council's March preliminary economic and revenue forecast for the King County budget and to approve the Office of Economic and Financial Analysis's 2025 work plan.

The council adopted the forecast after a presentation by Elizabeth Martin Mahar, chief economist for King County. Martin Mahar told members the March forecast shows total county-related revenues of about $3.0 billion for 2024, a decline to about $2.7 billion for 2025, and combined biennial revenues of roughly $5.5 billion under the office's baseline projections. She said the March forecast is higher than the August 2024 forecast on non-general-fund revenues largely because it reflects a hospital tax and a higher flood levy rate not previously in the baseline.

Martin Mahar said several revenue lines performed above the August forecast for 2024: sales tax receipts were about $28.7 million (roughly 1 percent) above the August projection; hotel and rental-car taxes exceeded forecast by about $5.5 million; and penalties and interest on property taxes were about $2.9 million above forecast. She said four revenue sources (gambling tax, E-911, cannabis tax, and recording documents) came in slightly…