State revenue projection for 2019–21 increased by $606 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2019–21 state budget have increased by $606 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
“There has been a slight improvement in revenues above our anticipated level this quarter,” said Steve Lerch, forecast council executive director. “But nothing that suggests fundamental changes to our previous forecast.”
Total Near General Fund revenues are now projected at more than $52.3 billion for the current two-year state budget cycle, which began July 1. The state’s total reserves are now projected to be $4.1 billion at the end of the current biennium.
Gov. Jay Inslee in December proposed his 2020 supplemental budget that makes adjustments to the 2019–21 budget. Legislative budget writers expect to release their supplemental spending plans in the coming days.
The council also increased the Near General Fund forecast for the next biennium (2021–23) by nearly $536 million. The council projects Near General Fund revenues will total nearly $55.7 billion for the next biennium, which begins July 1, 2021.