OLYMPIA, Wash. — Washington lawmakers on Monday received updated numbers that show state revenues have increased by nearly $319 million for the current two-year state budget, which is now projected to be about $44.4 billion.
The numbers released by the Office of Financial Management at a meeting of the Economic and Revenue Forecast Council also show that the state is projected to have nearly $2.8 billion in reserves by the end of the biennium.
The update comes a week after the state Supreme Court ruled that while lawmakers have made progress in a multiyear effort to fully fund basic education, they are not on track to meet next year’s deadline and will remain in contempt of court.
Gov. Jay Inslee will release his supplemental budget proposal next month.
Legislative leaders in the House and Senate will release their budget proposals during the 60-day legislative session that begins in January.