Washington budget outlook shows no signs of improvement
A state revenue forecast released Friday reinforces Washington lawmakers and the next governor may face difficult spending decisions next year.
The economy is projected to generate just under $66.5 billion in tax receipts for the budget cycle that runs through next June. That’s a drop of about $50 million from the forecast David Reich, Washington’s chief economist delivered to the Economic and Revenue Forecast Council three months ago.
When combined with the June revenue report – which showed revenues tumbling $477 million – tax receipts are now expected to be roughly $525 million below figures lawmakers and Gov. Jay Inslee relied on to pay for new spending in the current fiscal year.
Rep. Timm Ormsby, D-Spokane, the chair of the House Appropriations Committee, said he didn’t anticipate a need for any large changes in the current budget to deal with less-than-anticipated revenue totals.
https://washingtonstatestandard.com/2024/09/27/washington-budget-outlook-shows-no-signs-of-improvement/