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State revenue forecast for current budget grows by $258 million

Revenue projection for next biennium increases by $313 million

FOR IMMEDIATE RELEASE: March 16, 2017
CONTACT: Ralph Thomas, 360-902-7607; ralph.thomas@ofm.wa.gov

OLYMPIA – Washington’s projected Near General Fund revenue collections for the current two-year state budget have increased by $258 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

“Revenue collections have maintained their upward trend this year and the economy continues to expand,” said Steve Lerch, Forecast Council executive director. “Our update reflects this modest improvement and continued growth.”

Total Near General Fund collections are now projected at nearly $39 billion for the current two-year budget cycle (2015–17), which began July 1, 2015.

The Revenue Forecast Council today also increased its forecast for the 2017–19 biennium by $313 million. Total Near General Fund collections are projected at about $41.6 billion for the next biennium, which starts July 1, 2017.

With this latest forecast, the state is now projected to have nearly $2.4 billion in total reserves heading into the next biennium.

Inslee unveiled his proposed 2017–19 state operating, capital and transportation budgets in December; the House and Senate are expected to release their budgets over the next two weeks.

“While we still have a big task ahead of us in developing a budget compromise, today’s forecast will make that job a little easier,” said David Schumacher, director of the Office of Financial Management. “We look forward to working with the Legislature on a budget that meets our obligation to fully fund K-12 education while protecting other vital services.”