OLYMPIA, Wash. – New state revenue projections are running higher than expected, but they’re not expected to stay that way for long.
Revenue projections for Washington’s current two-year budget period increased by about $43 million more than projected at the state’s last quarterly update.
But a series of factors, including slowing home sales due to high interest rates, led officials to lower the forecast for the next budget cycle.
Updated numbers released on Wednesday, September 21st, by the Economic and Revenue Forecast Council show that projected revenue collections for the 2021-2023 budget remains at $63.2 billion.
For the next two-year budget cycle that starts July 1, 2023, revenue is projected to be about $65.5 billion, down just slightly from the almost $66 billion projected in the June forecast.
The next revenue forecast is scheduled for November 18th.
Governor Jay Inslee will release his two-year budget the following month, ahead of the January start of the 105-day legislative session.