New Wash. revenue forecast to bring more bad news
Wednesday, September 14, 2011
OLYMPIA, Wash. (AP) -- Washington's top economic forecasters are preparing to release more bad news.
Officials will release a new outlook on state revenue Thursday. The state's chief economist has already warned that the forecast will worsen because the economy has not shown signs of recovery as initially projected.
The June forecast had estimated that the state would have a $163 million buffer for the two-year budget cycle that started in July, but tax collections since then have already fallen below projections. A particularly bad revision Thursday could force lawmakers back to a special session.
Gov. Chris Gregoire has already state agencies to prepare for the possibility of additional budget cuts as high as 10 percent.