OLYMPIA — An updated forecast shows Washington state is expected to see a net increase in revenues of nearly $300 million more than previously thought for the current two-year budget cycle.
The state’s Economic and Revenue Forecast Council released its latest projections Tuesday. The forecast showed that collections actually increased by $536 million for the current biennium, but the net increase is $298 million due to various changes the Legislature made earlier this year, including a statewide property tax reduction. The current two-year budget that ends mid-2019 is now set to be $45.3 billion.
The projections for the next two-year budget that ends in mid-2021 also increase by nearly $287 million, pushing the state budget up to $49.4 billion.
The state is now projected to have more than $2.9 billion in reserves in the current budget cycle.
