Things are getting worse, according to Washington’s Economic and Revenue Forecast Council, the independent body charged with setting the revenue projections used to build the state budget.
In its most recent bimonthly forecast, issued Wednesday, the council cut $500 million from revenue projections for the current biennium, which ends June 30. General fund revenue is now projected at $28.6 billion.
The council also lopped $1.4 billion from its forecast for the next biennium, now projected at $30.1 billion.
“The downturn will be more muted — both in duration and depth — in our state than for the nation, as a result of our aerospace and software publishing industries,” the council said. “However, unlike in the previous downturn in 2001, we expect a sharp decline in consumer spending this time, so the impact on state revenues will be more severe.”