Forecast shows uptick in Washington state revenue

OLYMPIA, Wash. (AP) — An updated forecast shows Washington state is expected to see a net increase in revenues of about $163 million for the current two-year budget cycle.

The numbers released at Tuesday’s meeting of the state Economic and Revenue Forecast Council also show that the two-year budget that ends mid-2019 will top out at about $45.8 billion in revenues. The state is projected to have about $3.2 billion in reserves in that timeframe.

The projections for the next two-year budget that ends mid-2021 also increased by about $196 million, pushing the state’s total revenues for that cycle up to $50 billion.

Gov. Jay Inslee will release his two-year budget proposal next month. Legislative leaders in the House and Senate will release their budget proposals during the 105-day legislative session that begins in January.