The state Economic and Revenue Forecast Council (ERFC) held its quarterly meeting today. The forecast of general fund–state revenue for the current biennium (2013–15) increased by $107.9 million to $33,439.8 million. The forecast of general fund-state revenue for the upcoming biennium (2015–17) increased by $241.3 million to $36,319.5 million.

This is the seventh consecutive meeting at which the forecast for the 2013–15 biennium has been increased.

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 2013–15 biennium increased by $115.2 million to $34,066.9 million, while the forecast for the 2015–17 biennium increased by $272.9 million to $36,984.9.

Looking at the budget problem facing the legislators who will write a budget for the 2015–17 biennium, the good news in today’s revenue forecast ($388.1 million on a NGFS+ basis) roughly offsets the $380 million of bad news in last week’s caseload forecast. (See Dick’s post.)

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