State revenue projection for 2023–25 increased by $663 million; 2025-2027 increased by $437 million
OLYMPIA – The Washington State Economic and Revenue Forecast Council’s most recent forecast for Near General Fund revenue collections in the 2023-25 biennium increased by $663 million to around $66.7 billion — a 1% increase from the June 2023 projection. The forecasts for Near General Fund revenue collections are critical as they signify the state’s fiscal health, impacting the allocation and deployment of resources across various state services and initiatives.
This forecast also estimates the Near General Fund revenue for the following biennium (2025–27) at around $70.9 billion, an increase of $437 million, or 0.6%, from the June forecast.
The release of the forecast concurs with a public meeting. For information on the meeting scheduling and virtual access information, please refer to the ERFC website.
The next scheduled revenue forecast is on November 26. Gov. Jay Inslee will submit his supplemental budget proposal to the Legislature in the following month.
What people are saying
“With revenue collections holding steady and personal income strengthening since the June forecast, our latest revisions include an upward adjustment in anticipated revenues,” noted Dr. Steve Lerch, executive director of the Economic and Revenue Forecast Council.
“The increase in the forecasts is a net positive for the state’s balance sheet and will help meet the essential needs of people throughout the state,” said David Schumacher, director of the Office of Financial Management.
About the Economic and Revenue Forecast Council:
The Economic and Revenue Forecast Council (ERFC) supports statewide goals by accurately forecasting economic activity and state tax revenue for Washington State. ERFC is comprised of both legislative and executive members and the State Treasurer. Four times a year the organization adopts a bipartisan revenue forecast that is then used to build the state operating budget. The ERFC is also charged with providing the state budget outlook to increase transparency and to promote state government financial stability. More information can be found on erfc.wa.gov.
About the Office of Financial Management:
The Office of Financial Management provides vital information, fiscal services and policy support that the governor, Legislature and state agencies need to serve the people of Washington.