OLYMPIA, Wash. (AP) — Lawmakers in Olympia got a surprise when they learned that the latest state revenue forecast shows they will have more than $3 billion more to work with as they prepare to unveil budget plans next week, plus additional money the state will receive from the federal stimulus package.
Updated numbers by the Economic and Revenue Forecast Council show that projected revenue collections through mid-2023 are more than $1.9 billion above what had been originally forecasted. And projections for the current budget cycle that ends this summer are now $1.3 billion higher than expected.
It’s a dramatic turnaround since last June, when numbers showed that state revenues for the next two-year budget cycle were projected to be nearly $9 billion lower than previous projections had shown.