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June 20, 2018

State revenues may increase by $300M

OLYMPIA (AP) — An updated forecast shows Washington state is expected to see a net increase in revenues of nearly $300 million more than previously thought for the current two-year budget cycle.

The state's Economic and Revenue Forecast Council released its latest projections Tuesday. The forecast showed that collections actually increased by $536 million for the current biennium, but the net increase is $298 million due to various changes the Legislature made earlier this year, including a statewide property tax reduction. The current two-year budget that ends mid-2019 is now set to be $45.3 billion.

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