State revenue projection for 2019–21 increased by $447 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2019–21 state budget have increased by nearly $447 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
“The economic forecast is relatively similar to what we expected in June, but higher than expected collections, including estate tax collections, have resulted in an increase in the revenue forecast for the 2019–21 biennium,” said Steve Lerch, forecast council executive director.
Total Near General Fund revenues are now projected at more than $51.4 billion for the current two-year state budget cycle, which began July 1.
The council also increased the Near General Fund forecast for the previous biennium (2017–19) by nearly $27 million. Total Near General Fund revenues are now projected at nearly $46.1 billion for the last biennium, which ended June 30.
The state’s total reserves are now projected to be $3.1 billion at the end of the current biennium.
The next revenue forecast will be released Nov. 20. In December, Gov. Jay Inslee will propose his 2020 supplemental budget that makes adjustments to the 2019–21 budget.