On Thursday, April 30, the Economic and Revenue Forecast Council met to review and approve the April 2020 budget outlook. The budget outlook used the and contained no major changes to revenues or appropriations for the 2019-21 biennium. During their meeting, the that there will likely be changes to the revenue forecast in June, but declined to speculate on the size of the impact.
In preparation for Thursday鈥檚 meeting, Council Chair Rep. Ed Orcutt requested that staff prepare an unofficial revenue forecast. The Seattle Times that, 鈥減reliminary numbers show Washington could lose $7 billion in state revenue through 2023 as the coronavirus pandemic takes its toll.鈥� The unofficial forecast is 鈥渂ased on assumptions and come with 鈥榮ubstantial uncertainty鈥� given state tax data isn鈥檛 yet available for March and April.鈥�
The state鈥檚 rainy day fund is approximately $2.5 billion. It is likely that the legislature will convene after the official revenue forecast in June to adjust appropriations in the current biennium.
More background on the state revenue forecast is available聽here. OPB will provide updates on this blog in the event of a special legislative session, so stay tuned.