- The November forecast increases revenue by $9 million for the 2011-13 biennium and by $16 million for the 2013-15 biennium.
- A technical adjustment regarding the definition of revenue has removed $22 million from reported General Fund-State collections for the 2011-13 biennium and will remove approximately $41 million in the 2013-15 and future biennia.
- Uncertainty in the baseline remains very high, mostly due to on-going concerns about Europe, China, and federal fiscal policy.
Revenue forecasts are to be submitted to the governor and legislature on or before November 20th, February 20th in even numbered years, March 20th in odd numbered years, June 27th and September 27th.
The Economic and Revenue Forecast Council must approve the official, optimistic and pessimistic forecasts by an affirmative vote of at least four members. If the council is unable to approve a forecast before a required date the supervisor will submit the forecast without approval and the forecast shall have the same effect as if approved by the council.
Washington State is unique in this approach to revenue forecasting. The forecast is nonpartisan and is used by both the executive and legislative branches in budget preparation.