State increases revenue projection by $762M

OLYMPIA - The state is increasing its projections to $63.9 billion as of Nov. 18 – an increase of about $762 million when compared to initial projections released in July, according to a press release from the Washington Office of Financial Management.

“Revenue collections exceeded expectations since the last forecast, suggesting that the anticipated slowdown has not occurred yet,” said Steve Lerch, executive director of the Economic and Revenue Forecast Council.

OFM Director David Schumacher said the updated projection will assist Wash. Gov. Jay Inslee in developing his 2023-25 budget proposals which are expected to be released in December.

“Uncertainties remain, but current data indicate an upward revision to the revenue forecast,” Lerch said.