OLYMPIA, Wash. (AP) — Washington’s economists project the state will bring in $183 million less in revenue than previously expected during the upcoming two-year budget cycle.
The updated revenue forecast released Thursday says there are still several risks that could cause further declines. That includes volatile energy prices, trouble in financial markets worldwide and an economic slowdown in Asia.
The state’s chief economist, Arun Raha, says he expects the state’s economic growth to pick up momentum later this year.
Gov. Chris Gregoire and lawmakers have set aside $738 million in reserves to handle revenue declines in the months to come. They hope that will be enough buffer to get the state to 2012, when lawmakers will return for a new legislative session.
