The economic and revenue forecast council is meeting now to receive the official revenue forecast from interim director Steve Lerch. Here are the numbers:
Changes to the economic forecast, which were slight, have resulted in a $16.1 million reduction to the General Fund-State (GF-S) revenue forecast for the current biennium and $132.9 million for the next biennium. Legislative and budgetary changes passed subsequent to the February forecast have added $172.3 million to the forecast for the current biennium and $330.3 million for the next biennium. The net changes are an increase of $156.2 million for the 2011-13 biennium and $197.3 million for the 2013-15 biennium. GF-S totals for the 2011-13 and 2013-15 biennia are now forecasted at $30.440 billion and $32.626 billion respectively.
The risk factors are familiar: Euozone recession, fiscal cliff, flagging consumer and business confidence, waning Asian growth.
With that the pessimistic forecast is assigned a 40 percent probability, as has been the case for a while. Full report is here.
Washington Research Council 