The state Economic and Revenue Forecast Council (ERFC) held its quarterly meeting today. The forecast of general fund–state revenue for the current biennium (2013–15) increased by $162.5 million to $33,331.9 million. The forecast of general fund-state revenue for the upcoming biennium (2015–17) increased by $143.0 million to $36,078.2 million.
These increases were a bit smaller than I had predicted in a blog post last week based on recent collections experience. At the meeting, ERFC Executive Director Steve Lerch explained that recent B&O tax collections had been boosted by lower than expected refunds and use of credits, trends that he did not expect to continue.
Budget reports from legislative fiscal committees often roll-up three accounts; the general fund–state, the education legacy trust account and the Washington opportunity pathways account. We refer to this three-account roll-up as the NGFS+. For the NGFS+ the forecast of revenue for the 2013–15 biennium increased by $168.5 million to $33,951.7 million, while the forecast for the 2015–17 biennium increased by $138.6 million to $36,709.4 million.