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.
- Forecasted revenue for the current (2015-17) biennium was increased by $215 million, due mainly to forecasted increases in retail sales tax and REET collections. Forecasted GF-S revenue for the 2015-17 biennium is now $37.980 billion, an increase of 12.8% above that of the 2013-15 biennium.
- Forecasted revenue for the 2017-19 biennium was increased by $137 million. Most of the increase was from retail sales taxes. Forecasted GF-S revenue for the 2017-19 biennium is now $40.514 billion, 6.7% more than that of the 2015-17 biennium.
- Forecasted GF-S revenue for the 2019-21 biennium is $43.656 billion, $26 million more than projected in June. This is an 7.8% increase from forecasted 2017-19 biennial revenue.