Washington's Revenue Forecast Jumps Nearly $1.5 Billion

OLYMPIA, WA — Revenue projections for the current, two-year budget period have jumped about $1.46 billion since the latest forecast, according to a new update from the state's Revenue Forecast Council.

As the Associated Press first reported, the council's latest forecast, released Wednesday, also shows a projected $632 million increase for the next two-year budget cycle from 2023 to 2025.

Including the additional $1.46 billion, the current budget cycle is now projected to take in almost $63.2 billion. The following cycle is now estimated at about $66 billion.

The current biennial budget will run through mid 2023. When Gov. Jay Inslee first unveiled his plans for the budget, his office had estimated it would run just $57.6 billion. A supplemental budget, signed by Inslee in March, increased spending to match projected growth, and included $800 million more in spending on homelessness and housing.