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The Petri Dish
June 18, 2009

 
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Forecast reveals red ink, stirs more cuts and incites talk of special session


Posted at 11:38 am by Jerry Cornfield

It's never easy to quickly discern what all the numbers mean in an economic forecast.

But there are some bottom lines:

-revenue will fall another $482 million from previous projections
-this leaves the general fund short by $194 million by June 30, 2011 - assuming nothing changes in how government runs or how the economy is predicted to deliver
-Gov. Chris Gregoire ordered leaders of cabinet agencies to pare another 2 percent out of their spending to save $200 million to $250 million, thus plugging the gap
-there is enough money to cover the shortfall in the rainy day fund but accessing it requires action by the Legislature
-the Legislature isn't planning to return to work unitl January thouggh today's news is making them think about a special session in October when legislators are in town for committee days.
-the sense of urgency is not there yet among lawmakers as they want to see what's in the September forecast before signing on for a special session.

Oh, the report also gives a view of the state's economy. Those bottom lines include:

-the recession is bottoming out
-unemployment will rise to 10.6 percent by next year
-consumer spending will climb this holiday season
-exports will rise in 2011
-revenues to the state will exceed spending by the state in the second year of the next biennium

Here's the press release for today's report.
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