- Adjustments to the revenue forecast were small, reflecting the slight changes in the state’s economic forecast. Changes for each biennium amounted to less than half of one percent.
- The net forecast change for the 2013-15 biennium was an increase of $106.8 million.
- The net forecast change for the 2015-17 biennium was an increase of $129.4 million.
- Forecasted revenue for the 2017-19 biennium is $39.757 billion, an increase of $154 million.
- We expect the moderate pace of the economic recovery to continue in both the U.S. and Washington economies.
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.