But the future looks less positive. With Washington’s economy starting to soften, the state is expected to bring in $483 million less in existing taxes for the 2023-2025 budget cycle, which begins July 1.
The forecast for the 2025-27 budget cycle has also been revised down, with $541 million less in taxes than state officials had been anticipating.
In Monday’s meeting of the council, Executive Director Steve Lerch pointed to softening numbers for personal income, fewer building permits, and layoffs in tech industries, as well as the recent failures of two banks, as concerns for longer-term state revenues.
“Collections have continued to come in pretty well” so far, Lerch pointed
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