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State revenue forecast for 2017-19 budget grows by $288 million

September 20, 2017

Communications - Ralph Thomas

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Ralph Thomas, OFM Communications Director

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2017–19 state budget have increased by about $288 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

“The national economic trends we’ve identified in recent forecasts are holding relatively steady, while the state economy is slightly stronger than expected in June” said Steve Lerch, forecast council executive director. “This quarter’s update reflects these modest changes.”

Total Near General Fund revenue — including increases approved by the Legislature this year — are now projected at about $44 billion for the current two-year budget cycle (2017–19), which began July 1.

With this latest forecast, the state is now projected to have nearly $2.4 billion in total reserves at the end of the current biennium.