Good news doesn’t become less good because it’s expected. And more than a half billion in new money flowing into state coffers from economic growth is decidedly good news. Above we’ve posted the summary slide from today’s Economic and Revenue Forecast Council presentation.
From the press release:
The General Fund-State (GF-S) revenue forecast has been increased by $247 million for the 2015-17 biennium and increased by $303 million for the 2017-19 biennium.
The upbeat note is followed by a caution:
The level of uncertainty in the baseline remains elevated, with downside risks outweighing upside risks. Major threats to the U.S. and Washington economies remain, including slower growth in developed countries, weaker exports, and sluggish growth in labor productivity. Solid employment growth and strong residential construction activity suggest potential upside risks to the forecast.
With the official forecast now in place, lawmakers can put the finishing touches on their budget proposals. The Senate is expected to release its plan Monday.