State revenue projections for 2017–19 increase by $628 million
Washington’s projected Near General Fund revenue collections for the 2017–19 state budget have increased by nearly $628 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
“With collections running above the previous forecast and continued positive signs in the underlying economy, we revised the forecast upward,” said Steve Lerch, forecast council executive director.
Today’s forecast is the largest quarterly increase for the state since before the Great Recession.
Total Near General Fund revenue — including revenue increases approved last year by the Legislature — are now projected at nearly $45 billion for the current two-year budget cycle, which began July 1, 2017. As the Legislature prepares to take action on adjustments to the budget, the state’s total reserves for this biennium are now projected at more than $3.7 billion.
The council also increased Near General Fund forecast for the next biennium (2019–21) by nearly $660 million, to $49.1 billion.
“Today’s forecast is very encouraging,” said David Schumacher, director of the Office of Financial Management. “We face some significant budget challenges, such as meeting this year’s deadline to fully fund basic education and making critical investments to improve the state’s mental health system. Our strong economy and increased revenue collections will help us meet these challenges.”