Behind the Numbers
- As a result of the passage of SHB 1105 on February 12th, the March 2015 final economic and revenue forecast has been moved up to February 20th, 2015. The change in dates means that, for this forecast, we are modifying our usual process. We will not release a preliminary economic forecast; these tables summarize the final economic forecasts for the U.S. and Washington that we will present, along with the revenue forecast, to the Economic and Revenue Forecast Council on February 20th.
During a typical forecast cycle, the Chief Economist and staff of the Forecast Council (ERFC) meet with the Forecast Work Group to discuss the preliminary U.S. and state economic forecasts.
ERFC produces preliminary economic forecasts for the U.S. and Washington. In September, he preliminary forecasts are then reviewed and discussed by the Governor’s Council of Economic Advisors (GCEA) in the presence of the Governor and members of the Economic and Revenue Forecast Council.
Once the final economic forecasts for the U.S. and the state are completed, work begins on the General Fund-State revenue forecast. The economic forecasts are completed first because data from the economic forecasts are used to produce the revenue forecasts.
- November Economic Review Council Meeting on TVW