State revenue projection for 2017–19 increased by $348 million
Revenue forecast for 2019–21 budget increased by $443 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2017–19 state budget have increased by nearly $348 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
“With positive adjustments to both state personal income and employment, we have revised the latest forecast upward slightly,” said Steve Lerch, forecast council executive director.
Total Near General Fund revenues are now projected at about $45.6 billion for the current two-year budget cycle, which began July 1, 2017. The state is now projected to have more than $3.2 billion in total reserves at the end of the current biennium.
The council also increased the Near General Fund forecast for the next biennium (2019–21) by $443 million. Total Near General Fund revenues are now projected at $49.8 billion for the next biennium, which begins July 1, 2019.
The state Office of Financial Management has begun work on Gov. Jay Inslee’s proposed 2019–21 budget, which will be rolled out in December.
“It’s encouraging to see our state economy growing steadily,” said David Schumacher, Office of Financial Management director. “But, as I noted when we saw a similar uptick in the last revenue forecast, we will face significant challenges in meeting all our obligations in the next biennial budget.”