Washington revenue projections see $2.7 billion increase

By RACHEL LA CORTE
Associated Press

OLYMPIA, Wash. (AP) — Washington lawmakers have learned state revenue projections increased by more than $2.7 billion than originally expected through mid-2025. Updated numbers by the Economic and Revenue Forecast Council show that projected revenue collections for the 2021-2023 budget cycle are more than $1.4 billion above what had been forecasted in November. And projections for the next two-year budget cycle that ends in mid-2025 increased by more than $1.3 billion. Revenues for the current budget cycle that ends mid-2023 are now projected to be nearly $61.7 billion. And projected revenues for the next two-year budget cycle that starts July 1, 2023 are projected to be nearly $64.5 billion. The Senate is expected to release its supplemental budget plan early next week, followed by the House.