Statement from Rep. Terry Nealey on February revenue forecast
Statement from Rep. Terry Nealey on February revenue forecast
The Washington State Economic and Revenue Forecast Council today released its quarterly revenue forecast for the state. According to Chief Economist Steve Lerch, the General Fund-State net change is an increase of $30 million for the 2013-15 two-year budget cycle compared to the previous forecast in November.
The council also increased its forecast for the 2015-17 biennium by $82 million, $51 million of which is attributed to projected marijuana revenue tax receipts. It is the first time the council has included marijuana in its revenue projections since the 2012 passage of Initiative 502, which legalized recreational marijuana use in Washington.
Rep. Terry Nealey, R-Dayton, serves as the House Republican representative on the council. He released the following statement:
“It really is a very small increase – a drop in the bucket when compared to a two-year state operating budget in excess of $33 billion. Our revenue remains steady, but flat lined, which is better than recent years of deficits. However, we should not take any drastic actions with our state operating budget at this time.
“This is a supplemental budget year and there's no need to re-open the entire budget for additional spending. Let's leave the two-year operating budget alone the way it was set last year and deal only with supplemental budget needs, such as unanticipated program costs and changes in caseloads.”
Twenty-two days remain of the 60-day session, which is scheduled to end March 13.
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