In its quarterly meeting this morning, the state Economic and Revenue Forecast Council (ERFC) approved revised forecasts of general fund revenue for the 2009-11 and 2011-13 biennia. Meeting documents are available here.

The general fund forecast for the current biennium is now $29,282 million ($29.3 billion). This is an increase of $558 million from the forecast adopted at the ERFC's last meeting, in February. The change in forecast is the sum of three parts: a $761 million gain due to the tax package enacted during the recently concluded legislative session; a $42 million gain due to other non-economic factors; and a $245 million reduction due economic factors. The impact of the tax package had been recognized on general fund balance sheets prepared by legislative staff at the end of the session. The "news" in the new forecast was the sum of the second and third parts of the change in revenue: a $203 million net reduction.

With this reduction, the projected reserves for the general fund at the end of the 2009-11 biennium are now a slim $253 million.

Revenue for the 2011-13 biennium is forecast to total $34,083, an increase of $1,856 million from the February forecast. Of this increase, $1,659 million is due to legislative actions and $197 million is due to economic factors. The "news" is just the $197 gain due to economic factors.

Cross-posted on the WashACE blog.