The Transportation Revenue Forecast Council now estimates that transportation revenues will total $6.990 billion in 2023–25. That’s $56.4 million (0.8%) less than was expected for the biennium in the March transportation revenue forecast (on which the current transportation budget was based).

As we discussed in our recent report on transportation revenues, the transportation revenue forecast includes revenues from the gas tax, vehicle and driver fees, tolls, ferry fares, the 0.3% vehicle sales and use tax, the rental car tax, and other transportation-related sources. It does not include revenues from the carbon emission allowance auctions.  

The transportation budget adopted this year includes spending plans through 2027–29. Through that biennium, and including updated 2021–23 revenues, the November transportation revenue forecast is just $63.6 million (0.2%) higher than forecasted in March.

That will not be enough to absorb the Department of Transportation’s 2024 supplemental budget requests ($103.4 million in new appropriations from state sources for 2023–25), let alone make a dent in the reported increase in the cost of fish passage barrier removal.

Gov. Inslee will use this revenue forecast for his 2024 supplemental transportation budget proposal, but the Legislature will base its transportation budget on the February 2024 transportation revenue forecast.