State’s quarterly revenue forecast released

Yesterday the Washington State Economic and Revenue Forecast Council released quarterly projections for state revenues, showing an increase of $432 million in the state’s near general fund for the 2019-21 biennium, which begins on July 1st. According to the Forecast Council, legislation passed during the 2019 legislative session accounts for most of the forecasted increase in the 2019-21 biennium.

Steve Lerch, Executive Director & Chief Economist of the Forecast Council, summarized the forecast, saying “not a lot of big changes” have occurred since the March forecast.  He also noted that economic trends continue show “slowing growth as we go forward, but no recession.”

The Forecast Council voted yesterday to start including a forecast of the newly created Workforce Education Investment Account beginning in the next quarterly forecast in September.  The Account is a new separate fund for state higher education investments that was created as a result of the passage of the Workforce Education Investment Act (ESHB 2158) during the 2019 legislative session. Click here to read more about the Workforce Education Investment Act.

Click here to read yesterday’s full revenue review.