State revenue projection for 2019–21 increased by $432 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2019–21 state budget have increased by nearly $432 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council. The increase is due in large part to measures passed during the 2019 legislative session that adjourned in April.
“Revenues and economic activity are tracking very closely to the previous forecast,” said Steve Lerch, forecast council executive director. “And this update reflects these modest changes.”
Total Near General Fund revenues are now projected at nearly $50.99 billion for the next two-year state budget cycle, which begins July 1.
The council also decreased the Near General Fund forecast for the current biennium (2017–19) by $47.3 million. Total Near General Fund revenues are now projected at $46.1 billion for the current biennium, which ends June 30.
The Legislature passed and Gov. Jay Inslee signed new 2019–21 state operating, capital and transportation budgets last month.
The state’s total reserves are now projected at $2.68 billion by the end of the next biennium.
Kate Lykins Brown, 360-902-0619; firstname.lastname@example.org