by
<a href="mailto:candiceb@awcnet.org">Candice Bock</a>, <a href="mailto:maggied@awcnet.org">Maggie Carol</a> | Feb 21, 2020
The <a target="_blank" href="https://erfc.wa.gov/sites/default/files/public/documents/forecasts/rev20200219.pdf">latest revenue forecast</a> from the <a target="_blank" href="https://erfc.wa.gov/">Economic and Revenue Forecast Council</a> predicts an additional $606 million in revenue for the 2019-21 biennium and $536 million in the 2021-23 biennium.
The latest revenue forecast from the Economic and Revenue Forecast Council predicts an additional $606 million in revenue for the 2019-21 biennium and $536 million in the 2021-23 biennium.
The additional monies in the general fund were due to the following:
- Cumulative general fund revenue collections from November 2019–February 2020 were approximately $162 million above the forecast;
- The spike in real estate activity caused an increase in the real estate excise tax (REET) collections, for a total of about $90 million;
- Cumulative Revenue Act taxes (such as retail sales tax, B&O taxes, public utility taxes, etc.) were $64 million higher than forecasted;
- The revised estimates of market value of existing property, combined with other forecast changes, resulted in an increase of $137 million of property tax revenue this biennium, and $277 million for the 2021-23 biennium;
- The general fund forecast for the current biennium was increased by $307 million. The forecast for the 2021-23 biennium was increased by $512 million; and
- The Education Legacy Trust Account revenue increased by $310 million this biennium, due to higher-than-forecasted estate tax receipts.
The Legislature will rely on the most recent revenue forecast to inform their supplemental budgets. The House and Senate supplemental budgets will likely be released early this week.