A report released yesterday projects growth in the state budget for next biennium, 2015-17, to have increased by $139 million since last forecasted in June. This brings the total Near General Fund to $36.7 billion for the 2015-17 biennium, beginning July 1, 2015.
For the current biennium ending June 30, 2015, collections are now projected to total $33.95 billion.
The governor’s budget office stated this is the third consecutive forecast projecting revenue growth after several years of decline or minimal increases.
“It’s encouraging to see this economic and revenue growth, but we are still climbing out of a deep hole,” said David Schumacher, director of the Office of Financial Management. “We have a lot of big budget challenges ahead.”
The next revenue forecast report is due on November 19. Governor Inslee will use that forecast to write his proposed 2015-17 biennial budget, which will be released in December. The Legislature is scheduled to convene on January 12 for the 2015 legislative session.