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September 23, 2022
OLYMPIA — Revenue projections for Washington state's current two-year budget period increased by about $43 million more than projected at the state's last quarterly update, but a series of factors — including slowing home sales due to high interest rates — led officials to lower the forecast for the next budget cycle.
Updated numbers released Wednesday by the Economic and Revenue Forecast Council show that projected revenue collections for the 2021-2023 budget slightly exceed what had been forecast in June. But the council lowered the forecast for the next two-year budget cycle that ends in mid-2025 by $495 million.
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