State revenue forecast for 2017–19 budget grows by $80 million
OLYMPIA — Washington’s projected Near General Fund revenue collections for the 2017-19 state budget have increased by about $80 million, according to estimates released Tuesday by the Washington State Economic and Revenue Forecast Council.
“Compared to the March forecast, revenue collections are slightly better than expected and economic conditions are very similar to what we had anticipated,” said Steve Lerch, Forecast Council executive director. “Our June update reflects these modest changes.”
Total Near General Fund collections are now projected at nearly $41.7 billion for the next two-year budget cycle (2015-17), which begins July 1, 2017.
On Tuesday, the Revenue Forecast Council also increased its forecast for the current biennium by $79 million.
Total Near General Fund collections are projected to total about $39 billion for the 2015-17 biennium, which began July 1, 2015.
With this latest forecast, the state is now projected to have about $2.5 billion in total reserves heading into the next biennium.
Gov. Jay Inslee unveiled his proposed 2017-19 state operating, capital and transportation budgets in December.
The Legislature, which is nearing the end of its second special session, has still not passed operating and capital budgets.
Tuesday’s forecast “is yet another positive sign for our state’s economic and revenue picture,” said David Schumacher, director of the Office of Financial Management. “There is no reason the Legislature can’t pass the budget by June 30 and prevent a partial government shutdown.”
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