Washington gets another positive state revenue forecast

OLYMPIA, Wash. (AP) — Updated numbers by the Economic and Revenue Forecast Council show that projected revenue collections for the 2021-2023 state budget cycle are $898 million above what had been originally forecasted in September. And projections for the next two-year budget cycle that ends in mid-2025 increased by more than $965 million. Revenues for the current budget cycle that ends mid-2023 are now projected to be $60.2 billion. And projected revenues for the next two-year budget cycle that starts July 1, 2023 are projected to be about $64 billion. Republican lawmakers said in response to the strong growth,  tax cuts should be part of any final supplemental budget plan approved during the next legislative session. Democratic budget writers said nothing is off the table but expressed caution.