State revenue projections decrease by $4.5 billion for 19-21 budget cycle

This week the Washington State Economic and Revenue Forecast Council announced estimates for state revenue collections have decreased by $4.5 billion for the current 2019-21 biennial budget that began on July 1, 2019.  After accounting for reserves, the state faces a net $1.4 billion shortfall at the end of the current biennium.  Revenue projections have also decreased by $4.3 billion for the upcoming 2021-23 budget cycle since the state’s last forecast in February. 

Governor Inslee and state legislators have indicated that a special legislative session in 2020 is likely in order to make necessary spending reductions that will balance the state’s 2019-21 operating budget. 

The next state revenue forecast is scheduled for September 23th.  Click here to read more about this week’s forecast.