Revenue forecast gives budget writers an additional $571 million for the 2017-19 budget

The state Economic and Revenue Forecast Council (ERFC) held its quarterly meeting today. The forecast of general fund–state (GF–S) revenue for the current biennium (2015–17) increased by $247.4 million to $38,227.1 million. The forecast of general fund-state revenue for the upcoming biennium (2017–19) increased by $303.0 million to $40,816.7 million, and the forecast of general fund-state revenue for the subsequent 2019–21 biennium increased by $186.0 million to $43,841.6 million. From 2015–17 to 2017–19 GF–S revenue growth equals 6.8 percent; from 2017–2019 to 2019–21, 7.4 percent.

Budget reports from legislative fiscal committees often roll-up three accounts; the general fund–state, the education legacy trust account and the Washington opportunity pathways account. We refer to this three-account roll-up as the NGFS+. For the NGFS+, the forecast of revenue for the 2015–17 biennium increased by $257.9 million to $38,962.5 million, the forecast for the 2017–19 biennium increased by $312.9 million to $41,597.3, and the forecast of general fund-state revenue for the 2019–21 biennium increased by $188.0 million to $44,454.2. From 2015–17 to 2017–19, NGFS+ growth equals 6.8 percent; from 2017–2019 to 2019–21, 6.9 percent.

Together, the NGFS+ revisions for 2015–17 and 2017–19 give House and Senate budgeteers an additional $570.8 million to use while writing their 2017–19 budgets.

The EFRC press release is here; slides from the meeting are here.
 

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