State Revenue Forecast: $800 Million MORE Expected Through 2021
On the surface, it sounds good, but officials say it's no guarantee the state will be able to meet it's financial obligations.
The latest revenue forecast from the Ecomonic and Revenue Forecast Council Monday released the latest figures from incoming taxes and other sources of revenue to the State of Washington, and it appears the state will be taking in $800 million more than originally forecast.
This applies to the 2019-21 state budget. Initially, June figures showed an upswing, and the full report now estimates at least $791 million, or very close to $800 million, according to what is called the Near General Fund State projections.
However, officials caution that despite similar projections last year, which did occur, the state could face challenges in meeting it's financial obligations. Many of these are the result of the McCleary Decision, which has mandated the state spend billions of dollars on education. In fact, the largest portion of the state budget actually goes towards public schools. The state Supreme Court decision has mandated funding levels that are not sustainable, according to critics, but they were passed anyway.
So despite the positive revenue projections, Washington state will likely still remain well into the red financially.