November 15, 2012 – Gov.-elect Jay Inslee will take office in January facing a projected $900 million deficit for the next two-year budget ending in mid-2015, not counting money lawmakers will need to spend to improve funding for education as directed by the state Supreme Court earlier this year. A four-year outlook released Wednesday by the Washington state Economic and Revenue Forecast Council showed that the projected revenue shortfall for the following biennium ending in 2017 would be even larger, at $1.1 billion. The outlook was released along with the state’s quarterly revenue forecast, which showed that the income projection increased slightly – by $8 million – for the current biennium that ends next summer. But it showed a reduction of $88 million for the next two-year budget cycle that begins July 1.
Link to Full Article: http://www.thenewstribune.com/2012/11/15/2368004/state-revenue-prediction-remains.html