A new report released today indicates budget writers will have an additional $400 million over previous assumptions to help reconcile their proposed budgets during this year’s special legislative session. You can find the official press release from the state budget office here and TVW’s coverage here.
The new revenue forecast added $79 million for what’s left of the two-year budget cycle that ends June 30 and $327 million for the new one that begins July 1. The Economic and Revenue Forecast Council projects the state’s budget to total $37.45 billion for the 2015-17 biennium.
“The steady improvement in our economy is encouraging,” said David Schumacher, director of the Office of Financial Management. “And while the added revenue from today’s forecast helps, we still have a lot of work to do in figuring out how to meet our needs and obligations in the next budget.”
Today marks day 20 of the 30-day 2015 special legislative session, scheduled to end on May 28 and convened by Governor Inslee on April 29 after the Legislature adjourned its regular session without a final budget compromise.