New state revenue forecast projects $191 million increase in 2023-35 biennium

The Washington State Economic and Revenue Forecast Council released new estimates for the 2023-25 state budget Monday showing that the state’s projected General Fund revenue collections will be $191 million more than September’s projection.

Revenue is now expected to be $66.9 billion.

Additionally, the estimates for the 2025-27 biennium showed an increase of $579 million from September’s revenue projection, totalling $71.5 billion, according to a news release Monday from the Office of Financial Management.

Overall the forecasted increase in the four-year period totals $770 million.

“Revenue collections remain steady, but we have seen personal income forecasts improving later in the forecast period as well as stronger total employment and construction employment forecasts,” said Steve Lerch, executive director of the Economic and Revenue Forecast Council, in the news release. “These changes have resulted in slight modifications for the November forecast.”

The release noted that Gov. Jay Inslee will release his proposed supplemental budget in December.