- The GF-S revenue forecast has been increased by $156.6 million for the 2013-15 biennium and by $238.3 million for the 2015-17 biennium.
- Real estate excise taxes since the February forecast came in $20 million higher than forecasted. Much of the positive variance was the result of strong sales of commercial property valued at $10 million or more. Residential activity, however, has also shown some improvement. Forecasted real estate excise taxes have therefore been increased by $47million in the current biennium. The forecast was also increased slightly in the 2015-17 biennium.
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.