The Economic and Revenue Forecast Council today adopted the official quarterly revenue forecast, adding nearly $600 million over the remainder of this biennium and the next.
The Near General Fund-State (Near GF-S) revenue forecast for the 2017-19 biennium has increased by $298 million, and revenue for the 2019-21 biennium has increased by $287 million. The Near GF-S includes the General Fund-State, Education Legacy Trust Account and Washington Opportunity Pathways Account and provides the fullest picture of resources available for budget purposes.
After the most recent collections report, which continued a pattern of growth outpacing the February forecast, the upward revision was expected.
The press release points out the strength of the Washington economy and the trade risks to both the nation and our state.
Major threats to the U.S. and Washington economies remain, including international trade concerns, geopolitical risks and a maturing economic expansion.
The Washington economy is expanding at a rapid pace. Income, employment, and population growth all exceed national averages. The major change in the Washington economic forecast since February is higher personal income, part of which is due to higher inflation in the near term.
You can find all of the materials for todays ERFC meeting here.