Office of Financial Management

Governor Jay Inslee released his 2024 supplemental budget proposals, which serve as a mid-way update to the state’s two-year 2023–25 budgets. His release precedes the start of the 60-day legislative session on January 8.

Heading into the new year, Washington’s overall economic health remains strong. Pandemic response funding is winding down, but new state revenues have kept pace with higher costs from inflation and entitlement caseload increases.

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2023–25 state budget have increased by $191 million to around $66.9 billion — about a 0.3% increase from the September 2023 projection, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

The Climate Commitment Act (CCA) sets a declining cap on greenhouse gas emissions and requires the state’s largest emitters to purchase allowances for their planet-warming pollution. The law requires the Legislature to invest revenue from this cap-and-invest program to reduce emissions and create jobs, including in clean buildings, transportation, and improving community resiliency in the face of climate change.

OLYMPIA – The Washington State Economic and Revenue Forecast Council’s most recent forecast for Near General Fund revenue collections in the 2023-25 biennium increased by $663 million to around $66.7 billion — a 1% increase from the June 2023 projection. The forecasts for Near General Fund revenue collections are critical as they signify the state’s fiscal health, impacting the allocation and deployment of resources across various state services and initiatives.

OLYMPIA, Wash. – Washington’s total population grew by an estimated 86,750 — to 7,951,150 as of April 1, 2023, according to annual estimates that the Office of Financial Management prepared.

The unadjusted population growth rate over the last year was 1.1%, somewhat slower than the previous year, when the state’s population grew by 1.3%.

Washington’s population has grown by 244,840 people since the 2020 decennial census on April 1, 2020. The 86,750 increase is below the average annual increase from the last decade (98,200).  

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2023–25 state budget have increased by nearly $327 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

Please join us at the 2023 Washington State Employee’s DEI Empowerment Conference.

The first week of May is for recognizing the great work and service that public employees provide for Washingtonians. This year, in-person cross-agency events are back — join us in celebrating state employees at the Capitol Campus, in Spokane, in the Tri-Cities and at T-Mobile Park.

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2023–25 state budget have decreased by about $483 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council. The projection represents about a 0.7% drop from the number forecast last November. Total Near General Fund revenues are now projected at $65.7 billion for the next two-year state budget cycle, which begins July 1.