The state Economic and Revenue Forecast Council held its quarterly meeting today. The forecast of general fund–state (GF–S) revenue for the current biennium (2015–17) increased by $113.4 to $37,204.4 million from the $37,091.0 million that had been forecasted in September. The estimate of GF–S collections for 2013–15 was decreased by $1.5 million, to $33,664.5 million was unchanged at $33,666.0 million. The forecast for 2017–19 was increased by $29.6 million to $40,567.5 million.

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 estimate of revenue for the 2013–15 biennium decreased by $1.5 million to $34,303.2 million was unchanged at $34,304.7 million; the forecast for the 2015–17 biennium increased by $103.3 million to $37,915.6 million; and the forecast for the 2017–19 biennium increased by $24.7 million to $41,327.4 million.

The Office of Financial Management will use today's forecast in preparing Governor Inslee's recommended 2016 supplemental budget, which will be released in December. The next update to the revenue forecast is scheduled to be issued on February 17. Legislators will base their 2016 supplemental budget on the February numbers.

Materials (corrected) from today's ERFC meeting are available here.

NOTE: ON NOVEMBER 19 THE ERFC CORRECTED ITS ESTIMATES FOR THE 2013–15 BIENNIUM.