WA Revenue Forecast Surges $762M, According To New Estimates

OLYMPIA, WA — Recently updated economic forecasts show a boon for Washington's coffers, with revenue headed to the state's general fund projected to be hundreds of millions higher than earlier estimates.

According to the state Office of Financial Management, revenue estimates for the current budget cycle are up more than $760 million, bringing expected general fund collections up to $63.9 billion for the current budget cycle.

"Revenue collections exceeded expectations since the last forecast, suggesting that the anticipated slowdown has not occurred yet," said Steve Lerch, executive director of Washington's Economic and Revenue Forecast Council. "Uncertainties remain, but current data indicate an upward revision to the revenue forecast."

The current budget cycle began in July 2021 and runs into next summer. The updated data also boosted the forecast for the 2023-25 budget cycle by $681 million.

OFM director David Schumacher said the new projections will aid the governor's office as it develops proposals for the 2023-25 budget, which are expected next month. However, Schumacher notes inflation impacts continue to dramatically increase costs. Lawmakers in Olympia will reconvene for the next legislative session in January, and Washington's next revenue forecast is scheduled for release in March.