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State revenue increases by $363 million in current budget

by caprecord

Revenue in the current two-year budget cycle is up by about $363 million, largely due to legislative action taken earlier this year.

The uptick in revenue brings total projections for the 2015-17 budget to $37.8 billion.

Most of the new money has already been factored into the current budget, said the state’s chief economist Steve Lerch. That’s because more than half of the additional revenue, or $220 million, is a result of legislative changes made during special session, including the closure of some tax breaks.

Lerch said the September quarterly forecast is similar to the last release in June, except oil prices have dropped. Washington has also seen stronger employment figures than expected in June, he said.

The next revenue forecast is set to be released in November.

Watch the meeting below: