State revenue projection for 2023–25 forecast decreased by $483 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2023–25 state budget have decreased by about $483 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council. The projection represents about a 0.7% drop from the number forecast last November. Total Near General Fund revenues are now projected at $65.7 billion for the next two-year state budget cycle, which begins July 1.
The council also decreased the Near General Fund forecast for the following biennium (2025–27) by about $541 million, with total expected revenues of around $70.3 billion.
The council meanwhile increased the Near General Fund forecast for the remainder of the current biennium (2021–23) by about $194 million. The council projects Near General Fund revenues will total around $64.1 billion for the biennium, which began July 1, 2021.
“Although overall revenue collections have been above expectations, lower personal income and residential construction forecasts result in lower revenue in the 2023-25 and 2025-27 biennia.” said Steve Lerch, executive director of the Economic and Revenue Forecast Council.
“We look forward to working with legislators on new budgets that continue moving our state forward by investing in housing and homelessness, behavioral health, climate change and public safety.” said David Schumacher, director of the Office of Financial Management.
Gov. Jay Inslee proposed his 2023–25 budgets in December, and legislative budget writers expect to release their spending plans in the coming days.