State revenue forecast up again

A new forecast of state tax collections released Tuesday has increased projections for the current 2017-2019 budget cycle by $163.4 million and for the 2019-21 budget cycle by $196 million.  This pushes total revenue projections to $45.8 billion for 2017-2019 and $50 billion for 2019-21.

This forecast will be used by Gov. Jay Inslee to draft the budget proposal he’ll unveil next month. The Legislature convenes Jan. 14 to begin writing its budget proposals and will have the benefit of one more forecast due out March 20 before releasing them.

Tuesday’s report found that Washington’s unemployment rate declined to an all-time low of 4.3% in October from 4.4% in September. New risks to the forecast included the uncertainty of trade partnerships in the purposed European Union and United Kingdom split.