State revenue forecast remains steady

OLYMPIA — Washington state’s revenue outlook is holding steady as economists expect a continued trend of slow economic growth.

An updated forecast released Wednesday shows lawmakers may have $25 million more available to them. It’s a small amount for a state in which the two-year budget cycle is expected to collect some $33 billion for the general fund.

Steve Lerch, executive director of the Economic and Revenue Forecast Council, said there are a variety of risks in the projections, including a slowing Chinese economy, European economic problems and the potential for a slowing U.S. housing recovery.

“Slow economic growth continues to be the primary trend in this forecast update,” said Steve Lerch, executive director of the Economic and Revenue Forecast Council.

Democratic Sen. Jim Hargrove asked about the impact of Boeing potentially deciding to build its new 777X airplane in another state. Lerch said his forecasts don’t account for that as the projections only go out through 2017. Boeing’s production on the new jet is expected to begin later.

However, State Treasurer Jim McIntire said it will raise borrowing costs for the state.

“It could be several hundred million dollars,” McIntire said.

Gov. Jay Inslee is preparing a supplemental budget proposal to be released next month. Lawmakers will return to Olympia in January.

More in Local News

Herald photos of the week

A weekly collection of The Herald’s best images by staff photographers and… Continue reading

This week’s Herald Super Kid is Nathan Nicholson of Snohomish High School. (Dan Bates / The Herald)
‘The future is biotech,’ but for now he’s busy with everything

Snohomish senior Nathan Nicholson is a student leader and media master.

Longboarders from near and far hit the trail in Arlington

The Centennial Sk8 Festival was serious competition for some and just for fun for others.

Council passes six-month moratorium on safe injection sites

Proposal by County Councilman Nate Nehring passed unanimously.

Crews recover body of man who fell over Wallace Falls

The area where the man fell is called Sky Valley Lookout, 2.4 miles from the parking lot.

Big fire destroys building on Broadway in Everett

A person was rescued, but there were no immediate reports of injuries.

Luring attempt reported in Mountlake Terrace

The driver allegedly instructed a boy to get in the truck and help grab a scooter he was giving away.

A place to live: Clearing a barrier for former sex workers

A nonprofit’s house “will be a safe place” for former prostitutes and sex-trafficking victims.

A customer walks away after buying a hot dog from a vendor on 33rd St and Smith Street near the Everett Station on Friday. The Everett Station District Alliance pictures the area east of Broadway and south of Hewitt Avenue as a future neighborhood and transit hub that could absorb expected population growth. (Andy Bronson / The Herald)
How can Everett Station become a vibrant part of city?

A neighborhood alliance focused on long-term revitalization will update the public Tuesday.

Most Read