The state Economic and Revenue Forecast Council met to adopt the first quarterly forecast for 2024, which adjusts the state’s four-year budget outlook upward by $122 million for the 2023-25 biennium and $215 million for the following two-year budget cycle
OLYMPIA – Sen. Lynda Wilson says the latest state revenue forecast confirms the wisdom of keeping a firm grip on spending in the supplemental operating budget that must be adopted before lawmakers adjourn March 7.
Wilson, R-Vancouver, chairs the state Economic and Revenue Forecast Council. It met this morning to adopt the first quarterly forecast for 2024, which adjusts the state’s four-year budget outlook upward by $122 million for the 2023-25 biennium and $215 million for the following two-year budget cycle. She offered this statement about the new estimates:
“It’s good that the upward trend is continuing, but the state’s chief economist clearly cautioned us to expect slow economic growth. That’s something to be mindful of as the finishing touches are put on the Senate’s supplemental budget proposal due out this next week.
“I appreciate how the majority Democrats have again involved Republicans in developing the Senate budget this session, and am hopeful our proposal will fit within my priorities when it comes to overall spending level and a responsible amount in reserve. That would be particularly appropriate in light of how families across our state are making difficult spending choices to live within their means. It’s important for the state to live within its means as well, and this forecast will help the Senate budget remain on track for that.”
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