State revenues continue to climb; latest forecast shows tick up for current and next budget

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OLYMPIA, Washington — The updated forecast for Washington state's current two-year nearly $38 billion budget cycle shows that lawmakers have more than $100 million more available to them through the middle of 2015, and that they'll have an additional $365 million than additionally projected for the 2015-2017 biennium.

The forecast by the Economic and Revenue Forecast Council released Monday shows that while revenue collections for the current two-year state budget increased by $363 million, more than half of that amount was due to actions the Legislature took earlier this year and was already booked in the current budget. Those actions included closing several tax exemptions and making changes to the state's legalized marijuana market.

With the increased amount for the next two-year budget that begins mid-2017, the 2017-2019 budget is projected to be $41.3 billion.

The next state revenue forecast is scheduled to be released Nov. 18.

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