State revenue projection for 2021–23 increased by $43 million, 2023–25 decreased by $495 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2021–23 state budget have increased by about $43 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council. The increased revenue estimate is about a 0.07% increase over the previous forecast. Total Near General Fund revenues are now projected at nearly $63.2 billion for the current two-year state budget cycle, which began July 1, 2021.
The council today also lowered the net Near General Fund forecast for the next biennium (2023–25) by $495 million, about a 0.7% decrease from the previous forecast. The council projects Near General Fund revenues will total about $65.5 billion for the next biennium, which begins July 1, 2023.
“Revenue collections remain robust, but personal income has softened,” noted Dr. Steve Lerch, forecast council executive director. “These and other factors lead to a modest change in the forecast.”
“Although the economy continues to grow, the pace is much slower than we’ve seen recently,” said David Schumacher, director of the Office of Financial Management.
The next quarterly revenue forecast is scheduled for Nov. 18, and Gov. Jay Inslee will submit his 2023–25 budget proposals to the Legislature the following month.