New revenue forecast brings welcome news
The State's Economic and Revenue Forecast Council released good news today for
Washington State--revenue projections for the 2005-07 and 2007-09 biennia have been increased by a combined $484 million. Today's news provides
support for government investment in education, health care, and savings for a rainy day.
No doubt some commentators will use today's news to call for reducing state
revenue. However, the improved outlook is not sufficient to close the gap between the cost of even maintaining current commitments (which are not
sufficient to achieve world-class education and health care systems) and expected revenue over the next six years.
The increased revenue expectations are primarily the result of
stronger-than-expected consumer and business spending as well as personal income growth and new construction.
Communications Director Sandeep Kaushik can be reached at 206.355.9230.
