The state’s Economic and Revenue Forecast Council this morning delivered a quarterly report that increases anticipated tax collections for the remainder of the 2017-19 budget cycle and the new one that begins July 1 by $860 million.
That brings anticipated revenues for the 2019-21 biennium to $50.56 billion, or 9.6 percent higher than in 2017-19. Budget writers in the House and Senate will use these assumptions to write their budget proposals that they’ll begin rolling out next week.
The baseline forecast approved by the council assumes slowing economic growth but does not assume the onset of a recession. It does note that Washington employment projections are a bit lower and that Washington exports are down.
You can find the full report here and the press release from the state budget office here.