State revenue projection for 2021–23 increased by $762 million; 2023–25 forecast increased by $681 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the remainder of the 2021–23 state budget have increased by nearly $762 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
“Revenue collections exceeded expectations since the last forecast, suggesting that the anticipated slowdown has not occurred yet,” said Steve Lerch, executive director of the Economic and Revenue Forecast Council. “Uncertainties remain, but current data indicate an upward revision to the revenue forecast.”
Total Near General Fund revenues are now projected at more than $63.9 billion for the current two-year state budget cycle, which began July 1, 2021.
The council today also increased the Near General Fund forecast for the next biennium (2023–25) by about $681 million. The council projects Near General Fund revenues will total nearly $66.2 billion for the next biennium, which begins July 1, 2023.
David Schumacher, director of the Office of Financial Management, said the projected revenue increase will help as Gov. Jay Inslee prepares his 2023-25 budget proposals, which will be released next month.
“But we still face budget challenges due to dramatically increased costs related to inflation and other factors,” Schumacher cautioned.
The next revenue forecast will be in March 2023.