Forecast shows another uptick in Washington state revenue

OLYMPIA, Wash. (AP) — An updated forecast shows Washington state is expected to see a net increase in revenues of nearly $348 million for the current two-year budget cycle.

The state’s Economic and Revenue Forecast Council released its latest projections Wednesday.

Forecast council executive director Steve Lerch says they revised the latest forecast up slightly because of positive adjustments to both state personal income and employment.

The two-year budget that ends mid-2019 is now set to be $45.6 billion.

The projections for the next two-year budget that ends in 2021 also increase by $443 million, pushing the state budget up to $49.8 billion.

The state is now projected to have more than $3.2 billion in reserves in the current budget cycle.