New revenue projection may help budget negotiations
A report released by the Washington State Economic and Revenue Forecast Council revealed a June revenue forecast for Washington state that shows revenue increasing by more than $230 million compared to the previous forecast in March. The council increased its revenue forecast by nearly $121 million for the next biennium (2013–15) and by about $110 million for the current biennium (2011–13).
The numbers were based on the economy’s continued improvement, council director Steve Lerch said.
The revenue forecast could help the Legislature agree on terms to fix a budget gap, officials said. The Legislature, currently in a second special session, must approve a budget by June 30.
However, the state still faces about a $1 billion shortfall between the cost of current obligations and revenue anticipated in the next biennium.
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