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 $156.6 million to $33,169.9 million. The forecast of general fund-state revenue for the upcoming biennium (2015-17) increased by $238.3 million to $35,935.2 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 forecast of revenue for the 2013-15 biennium increased by $146.4 million to $33,783.2 million, while the forecast for the 2015-17 biennium increased by $241.3 million to $36,570.6 million.

The press release is here; slides from the meeting are here.I’ll post a link to TVW’s video of the meeting when it become available.

In the press conference that followed the formal close of the meeting, a reporter asked whether the Legislature would be forced by the Supreme Court to return to Olympia for a special session later this year to deal with the McCleary school-funding decision. The ERFC chair, Rep. Ross Hunter, noted that by the date of the Court’s scheduled contempt hearing (September 3), the school year will have started at many districts, and spending plans for the 2014-15 school year will have been set. It would be difficult for districts to make effective use in 2014-15 of any additional state funds provided at that late date.