Last week’s state revenue forecast boosted revenue projections for the 2021-23 biennium by nearly a billion dollars. The Washington Research Council takes a longer view of the state’s fiscal situation, comparing it with what lawmakers were anticipating in March.
With Friday’s revenue forecast, state revenues from funds subject to the outlook (NGFO) are expected to be $6.699 billion higher through the outlook period (2019–21, 2021–23, and 2023–25) than had been forecast in March 2021 (which was the forecast the 2021–23 budget was based on). Compared to the June 2021 forecast, revenues for the six-year period are up $1.818 billion.
WRC senior analyst Emily Makings provides four useful charts showing the growth. We republish one below.
That kind of revenue growth should not be assumed to be sustainable for the long-term. But it is phenomenal.
