State鈥檚 quarterly revenue forecast released
On Tuesday the Washington State Economic and Revenue Forecast Council released quarterly projections for state revenues, showing an increase of $432 million in the state鈥檚 near general fund for the 2019-21 biennium, which begins on July 1st. According to the Forecast Council, legislation passed during the 2019 legislative session accounts for most of the forecasted increase in the 2019-21 biennium.
Steve Lerch, Executive Director & Chief Economist of the Forecast Council, summarized the forecast, saying 鈥渘ot a lot of big changes鈥 have occurred since the March forecast. He also noted that economic trends continue show 鈥渟lowing growth as we go forward, but no recession.鈥
The Forecast Council voted yesterday to start including a forecast of the newly created Workforce Education Investment Account beginning in the next quarterly forecast in September. The Account is a new separate fund for state higher education investments that was created as a result of the passage of the Workforce Education Investment Act (ESHB 2158) during the 2019 legislative session. Click to read more about the Workforce Education Investment Act.
Click to read yesterday鈥檚 full revenue review.