The state Economic and Revenue Forecast Council (ERFC) held its quarterly meeting today. The forecast of general fund–state (GF–S) revenue for the current biennium (2017–19) increased by $256 million to $44,182 million. The forecast of GF–S revenue for the upcoming biennium (2019–21) increased by $545 million to $49,609 million, and the forecast of GF–S revenue for the subsequent 2021–23 biennium increased by $559 million to $53,337 million. From 2017–19 to 2019–21, GF–S revenue growth equals 12.3 percent; from 2019-21 to 2021–23, 7.5 percent.

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. EFRC refers to this three-account roll-up as the near general fund state; budgeteers have been referring to the roll-up as “funds subject to the outlook” (NGFO). For NGFO, the forecast of revenue for the 2017–19 biennium increased by $307 million to $46,106 million, the forecast for the 2019–21 biennium increased by $533 million to $50,555 million, and the forecast for the 2021–23 biennium increased by $564 million to $54,359. From 2017–19 to 2019–21, NGFO growth equals 9.6 percent; from 2017–2019 to 2019–21, 7.5 percent.

Together, the NGFO revisions for 2017–19 and 2019–21 give House and Senate budgeteers an additional $861 million to use while writing their 2019–21 budgets. Emily will post later this week on the implications for their work.

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