The state expects to collect $222 million more during the 2013-15 budget cycle than when the Legislature approved a new two year budget in late June.
That’s according to the new quarterly forecast of state revenues. Already, the state has witnessed $138 million in increased revenues than was expected in the June forecast and another $84 million is now expected through June 30, 2015.
That marks a healthy but still modest increase. Gov. Jay Inslee will use assumptions in the next revenue forecast, due Nov. 20, to write his supplemental budget proposal.
The forecast is technically $345 million higher than the June forecast, although $123 million is a result of actions taken by the Legislature later that month that already have been booked in the new two year budget. Thus, the net impact of Wednesday’s forecast is $222 million when compared to the budget.
The forecast does not assume any new revenue from taxing the sale of cannabis. That won’t occur until the Liquor Control Board completes its rule-making work and greater clarity is gained with the federal government about issues related to depositing tax revenues from the sale of cannabis into state accounts.