Washington revenue forecase shows slight increase

OLYMPIA – An updated forecast shows Washington state is expected to rake in $336 million more in revenues than previously thought for the current two-year budget cycle.

That means lawmakers will have a little more money to deal with school funding and other pressing issues when they return to Olympia in January.

The state’s Revenue Forecast Council released its latest projections Wednesday. They show $38.5 billion in general fund collections for the two years beginning in July 2015. The council says its predictions for the 2017-2019 budget cycle are up by $134 million, to $41.2 billion.

The forecast council’s executive director, Steve Lerch, credits the “long, slow improvement in the economy” with driving the increased projections.

The state is now projected to have more than $1.8 billion in total reserves when the current budget cycle expires.