State revenue forecast improves substantially since June

This week the Washington State Economic and Revenue Forecast Council announced estimates for state revenue collections have increased by $2.2 billion for the current 2019-21 biennial budget, leaving a $760 million surplus, including reserves, at the end of the budget cycle.  Revenue projections have also increased by more than $2.4 billion for the upcoming 2021-23 budget cycle since the state’s last forecast in June, but the state is still facing a significant overall decrease in revenue collections compared to pre-pandemic levels.

According to David Schumacher, Governor Inslee’s Budget Director, “Our revenue picture is vastly improved over what it was just a few months ago.  But we will still face challenges in meeting the needs of our most vulnerable citizens, funding education and addressing other requirements over the next three years.”

The next state revenue forecast is scheduled for November 18th.  Click here to read more about today’s forecast.