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Home » Budget » State budgets » 2019-21 Governor's proposed budgets » Agency detail budgets » Economic & Revenue Forecast Council

Economic & Revenue Forecast Council

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The Economic and Revenue Forecast Council (ERFC) prepares state economic and General Fund and near General Fund revenue forecasts for the Governor and the Legislature. It monitors changes in the economic outlook throughout the year to anticipate shifts in revenue collections. This allows both the legislative and executive branches of state government to plan for the most likely revenue projections in preparation of the state budget. In addition, ERFC is responsible for overseeing and presenting a four-year outlook for the Governor’s proposed budget and the budget as passed by the Legislature, including the development of extended revenue forecasts. Additionally, the agency actively disseminates information about the state economy and revenues through its outreach program, which involves presentations by staff to public organizations and private business associations, a user friendly and regularly updated website, and accessibility to both print and broadcast media. The ERFC also partners with the Office of the State Treasurer to provide information to bond rating agencies and potential investors.

Agency Mission

It is the mission of the Economic and Revenue Forecast Council to combine statistical models and the best available data with sound judgment based on knowledge of the state’s economy and revenue system to produce forecasts in a collaborative environment.
Request 1,898,000
Net change from current biennium 94,000 Increase
Percent change from current biennium 5.2% Increase

Operating Budget: Summary

Appropriated Funds

2017-19 Appropriations Appropriated Funds Expenditures
Amount Estimated Balance   2015-17 Actual 2017-19 Estimated 2019-21 Proposed
1,652,000 General Fund - Basic Account - State 1,628,611 1,652,000 1,746,000
102,000 Pension Funding Stabilization Acct - State 102,000 102,000
50,000 Lottery Administrative Account - State 50,000 50,000 50,000
1,804,000 Total Appropriated Funds 1,678,611 1,804,000 1,898,000

Non-Appropriated Funds

Operating Budget: Program Summary

Program Title Actual Estimated Proposed
Actual Estimated Estimated Proposed Proposed
Annual Total 904,070 849,507 357,794 934,000 964,000

Operating Budget: Change from Preceding Biennium

Actual Estimated Proposed
Amount Percent Amount Percent Amount Percent
221,509 15.2% (471,310) (28.1%) 690,699 57.2%

Employment Summary

  Actual Estimated Proposed
  2016-17 Actual 2017-18 Estimated 2018-19 Estimated 2019-20 Proposed 2020-21 Proposed
FTE Staff Years 5.2 5.1 5.1 6.1 6.1