State revenue projection for 2023–25 forecast increased by $327 million
OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2023–25 state budget have increased by nearly $327 million, according to estimates released today by the Washington State Economic and Revenue Forecast Council.
“Capital gains revenue collections have been stronger than expected and the forecast has been revised up to reflect that,” said Steve Lerch, executive director of the Economic and Revenue Forecast Council. “However, the large number of estimated capital gains tax returns means that final collections from this source remain uncertain. Otherwise, relatively small changes in the economic forecast have given rise to small adjustments in the revenue forecast.”
Total Near General Fund revenues are now projected at $66 billion for the next two-year state budget cycle, which begins July 1.
“The early capital gains revenue projections are encouraging, but we’ll have to wait until fall when final returns are due to have more certainty about actual collections,” said OFM Director David Schumacher.
The council also increased the Near General Fund forecast for the following biennium (2025–27) by about $147 million, with total expected revenues of nearly $70.5 billion.
The council meanwhile increased the Near General Fund forecast for the remainder of the current biennium (2021–23) by about $341 million. The council projects Near General Fund revenues will total nearly $64.5 billion for the biennium, which began July 1, 2021 and ends this Friday.
The next revenue forecast is scheduled for Sept. 26.