What's Real Reason for WA State Projected Budget Deficit?

The recent statements by WA State financial officials about the state facing a budget shortfall have left many questioning how, because taxes and revenues have risen.

State's overall intake has risen nearly six percent

Budget projections show income to the state has risen, or will rise, at lest 5.8 percent over the next biennium, or two-year budget cycle. However, numerous sources report the state's projected spending is what's behind the deficit. Revenue forecasts have dipped a little, but still higher than expected.

The deficit is said to be at least $10.9 billion dollars. According to The Center Square:

"Although the state Economic and Revenue Forecast Council recently lowered expected revenue for the current and next biennium by $270 million, the state Department of Revenue reports that all state taxes generated $35.4 billion for the fiscal year 2023, a 5.8% increase from the 2022 fiscal year.

In that timeframe, the state sales tax revenue increased by 6.2%, while revenue from that has doubled since 2014, from $8 billion to almost $16 billion."

With a new Governor taking office, and the Democrat majority maintaining in the legislature, there are said to be a number of spending proposals that will be introduced in January during the legislative session that could see numbers rise. According to GOP Senator Lynda Wilson of Vancouver (by way of The Center Square):

“the chief economist warned our council that the state’s economic growth would be slow this year, and that has been the case. But still, between projected revenue and available reserves there is more than enough to balance a 2025-27 operating budget that maintains the services and programs being provided now.”