State revenue projection for 2021–23 increased by $898 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2021–23 state budget have increased by nearly $898 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
"There are a few storm clouds on the horizon as we update this forecast, but overall the trends continue upward," said Steve Lerch, executive director of the Economic and Revenue Forecast Council. "The new forecast reflects positive changes in revenue collections and the timing of some gains as well as the impact of a recent state Supreme Court decision."
Total Near General Fund revenues are now projected at more than $60.2 billion for the current two-year state budget cycle, which began July 1.
The council also increased the Near General Fund forecast for the next biennium (2023–25) by more than $965 million. The council projects Near General Fund revenues will total about $64 billion for the next biennium, which begins July 1, 2023.
Next month, Gov. Inslee will unveil his 2022 supplemental budget, which proposes adjustments to the 2021-23 budget that was enacted earlier this year.
The next state revenue forecast is in February.