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.
- The General Fund-State (GF-S) revenue forecast has been increased by $247 million for the 2015-17 biennium and increased by $303 million for the 2017-19 biennium.
- The level of uncertainty in the baseline remains elevated, with downside risks outweighing upside risks. Major threats to the U.S. and Washington economies remain, including slower growth in developed countries, weaker exports, and sluggish growth in labor productivity. Solid employment growth and strong residential construction activity suggest potential upside risks to the forecast.
- The economic and revenue forecasts are updated quarterly. The next update to the revenue forecast will be presented on Tuesday, June 20, 2017.