New forecast show state revenues won't be quite as robust as expected
OLYMPIA — A state revenue forecast released Monday gives Democratic budget writers in the House and Senate less money to spend than anticipated.
Washington’s economy is expected to generate $65.7 billion for the 2023-25 budget cycle beginning July 1. That is $483 million less than chief economist Steve Lerch projected in November but still $1.6 billion more than is expected to flow into coffers for the current budget.
Democratic budget writers in the Senate and House will use the new forecast figure to put the finishing touches on their respective operating budget proposals. The Senate plan is due out Thursday with the House plan coming early next week.
“This news makes us cautious but doesn’t really change our game plan,” said Sen. Christine Rolfes, D-Bainbridge Island, who as chair of the Senate Ways and Means Committee is the chamber’s lead budget writer. “(We’ve) spent the last few days readjusting our budget to reflect this news. I think we’re in OK shape.”
https://www.heraldnet.com/news/new-forecast-show-state-revenues-wont-be-quite-as-robust-as-expected/