As I noted in an earlier post, the economic and revenue forecast council issued revised forecasts today. For the general fund-state account, the new forecasts are up $59 million for 2011-13, down $19 million for 2013-15, and down $49 million for 2015-17. For the education legacy trust account (which receives proceeds from the estate tax and is dedicated to education) the new forecasts are up $3 million for 2011-13, down $160 million for 2013-15, and down $78 million for 2015-17. For the opportunity pathways account (which receives proceeds from the lottery and funds financial aid for college and university students) the new forecasts are up $8.6 million for 2011-13, up $0.5 million for 2013-15, and up $12.1 million for 2015-17.

The reductions to the education legacy trust in 2013-15 and 2015-17 are due to the Bracken decision, as explained in this article by Erik Smith on Washington State Wire.

Here is an outlook I’ve pulled together for the 2011-13 and 2013-15 biennia based on the new revenue forecasts, the revisions to caseload costsfrom the recent meeting of the caseload forecast council, and the outlook prepared in January by the budget outlook work group. By the end of the 2013-15 biennium, the combined shortfall in the general fund-state, educational legacy trust and opportunity pathways accounts exceeds $1.3 billion.

Here, from TVW, is video of the EFFC meeting: