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State revenue projection for 2023–25 increased by $122 million; 2025–27 up by $215 million

February 14, 2024

About - Communications - HM

Contact information

Hayden Mackley, OFM Communications
360-628-2780

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2023–25 state budget increased by $122 million to around $67 billion — about a 0.2% increase from the November 2023 projection, according to estimates released today by the Washington State Economic and Revenue Forecast Council.

This forecast also estimates the Near General Fund revenue for the following biennium (2025–27) at around $71.7 billion, an increase of $215 million, or 0.3%, from the November forecast. This brings the total increase in the forecast over the four-year period to around $337 million.

Quotes

“Washington personal income and employment remain reasonably strong though revenue collections growth has slowed,” noted Dave Reich, executive director of the Economic and Revenue Forecast Council. “The latest revisions since the November forecast include slight upward revisions over both the 2023-2025 and 2025-27 biennia.”

“Our revenue situation looks to be in good shape, and it’s clear we have the resources to address many of the needs that were targeted in the governor’s budget two months ago,” said Office of Financial Management Director David Schumacher. “We look forward to working with legislators on those issues.”

Why it matters

The forecasts for Near General Fund revenue collections are critical signals regarding the state’s fiscal health and availability of resources for various state services. The Legislature is required by law to enact an operating budget that is balanced over four years, and the Near General Fund accounts for most of that state operating budget.

A guide to the Washington state budget process [PDF] can be found on the OFM website.

What’s next

  • Legislative budget writers expect to release their supplemental spending plans soon.
  • March 7 is the last day allowed under the state constitution for regular session this year.
  • The next revenue forecast is scheduled for June 26. Revenue review meetings are broadcast on TVW, with scheduling details available beforehand on the ERFC website.

About the Economic and Revenue Forecast Council:

The Economic and Revenue Forecast Council 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.

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.