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State revenue projection for 2021–23 increased by $1.45 billion

February 16, 2022

Communications - Ralph Thomas

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Ralph Thomas, OFM Communications Director

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2021–23 state budget have increased by about $1.45 billion, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

"Continued strong revenue collections and real estate transactions combined with higher inflation have resulted in an increase in the revenue forecast,” said Steve Lerch, executive director of the Economic and Revenue Forecast Council.

Total Near General Fund revenues are now projected at nearly $61.7 billion for the current two-year state budget cycle, which began July 1, 2021.

The council also increased the Near General Fund forecast for the next biennium (2023–25) by more than $1.32 billion. The council projects Near General Fund revenues will total nearly $65.4 billion for the next biennium, which begins July 1, 2023.

Lawmakers will use the latest revenue projections to finalize their 2022 supplemental budgets, which will make adjustments to the 2021-23 budget that was enacted last year.

With our continued revenue growth, it’s clear we have the resources to address many of the needs that were called out in the governor’s budget two months ago,” said OFM Director David Schumacher. “We look forward to working with lawmakers on those issues.”

The governor’s proposed budgets included significant funding to reduce poverty, increase housing and resources for homeless individuals, expand K-12 learning supports, invest in clean transportation and green economy, decarbonize buildings, and protect salmon habitat.

The next state revenue forecast is in June.