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 $106.8 million to $33,546.6 million. The forecast of general fund-state revenue for the upcoming biennium (2015–17) increased by $129.4 million to $36,448.9 million.
This is the eighth consecutive meeting at which the forecast for the 2013–15 biennium has been increased.
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 $134.3 million to $34,201.2 million, while the forecast for the 2015–17 biennium increased by $139.6 million to $37,124.4 million.
(The winter update to the revenue forecast had been originally scheduled for March 20. The early action supplemental budget (HB 1103), which the governor signed yesterday, moved the update meeting up to today.)