Forecast projects significant increases in state revenues, projections now nearly back to pre-pandemic levels

Today the Washington State Economic and Revenue Forecast Council adopted a revised revenue forecast showing a total increase of nearly $3.3B over the next four years of funds subject to the state budget outlook.  The forecast for the current 2019-21 biennium increased by $1.3 billion and the forecast for state revenues in the 2021-23 biennium increased by $1.9 billion.

Today’s revenue forecast is a significant improvement from quarterly forecasts released in 2020, which projected a steep decrease in state revenues due to impacts from the COVID-19 pandemic.  The projections released today indicate the state budget outlook is essentially back to pre-pandemic levels.

The House and Senate are expected to release proposals for the state’s 2021-23 operating and capital budgets in the coming weeks.