Projections Lowered In Latest Washington Revenue Forecast

OLYMPIA, Wash. (AP) – Slowing home sales due to high interest rates are among the factors that have led officials in Washington state to lower the revenue forecast for the next budget cycle.

Revenue for the current two-year budget that ends in mid-2023 is expected to increase by about $43 million more than initially projected in June.

But the Economic and Revenue Forecast Council lowered the forecast for the next two-year budget cycle that ends in mid-2025 by $495 million.

Revenue for the next two-year budget cycle that starts July 1, 2023, are projected to be about $65.5 billion, down just slightly from the almost $66 billion projected in the June forecast