Steep reduction in state revenues projected through mid-2023

OLYMPIA, Wash. (AP) — An unofficial revenue forecast shows that Washington state could face a reduction in projected state revenues of $7 billion through mid-2023 due to the coronavirus crisis. The numbers were prepared by Economic and Revenue Forecast Council staff at the request of Rep. Ed Orcutt, the council’s chair. It remains to be seen what impact the first projected revenue reduction of $3.8 billion through the end of June 2021 will have on the current approximately $53 billion two-year budget. The projection for the next two-year budget that lawmakers are tasked with writing at the start of the next regular legislative session in January is a nearly $3.3 billion projected reduction in revenues from July 2021 through mid-2023.