Revenue forecast for 2017–19 budget increased by $307 million

OLYMPIA – Washington’s projected Near General Fund revenue collections for the 2019–21 state budget have increased by nearly $554 million, according to estimates released March 20 by the Washington State Economic and Revenue Forecast Council.

“Despite fairly small changes to the economic forecast, stronger-than-expected taxable activity has resulted in moderate increases to forecasted revenue,” said Steve Lerch, forecast council executive director.

Total Near General Fund revenues are now projected at nearly $50.6 billion for the next two-year state budget cycle, which begins July 1.

The council also increased the Near General Fund forecast for the current biennium (2017–19) by nearly $307 million. Total Near General Fund revenues are now projected at $46.1 billion for the next biennium, which began July 1, 2017.

The new forecast sets the stage for the Legislature to begin final deliberations on the 2019–21 state operating, capital and transportation budgets.

“Today’s forecast is yet another sign of Washington’s strong economy,” said David Schumacher, Office of Financial Management director. “I look forward to working with legislators on new budgets that continue moving our state forward by investing in education, mental health services and other priorities.”

The Legislature is scheduled to adjourn April 28.