State has $15 billion revenue surplus

By Sen. Mark Schoesler

OLYMPIA–The February state revenue forecast adopted today by the Washington State Economic and Revenue Forecast Council reveals that state government now has a $15 billion revenue surplus – proof that some of that extra money should be returned to Washingtonians in the form of tax relief, said 9th District Sen. Mark Schoesler.

“For over a year now, our state’s revenue projections have improved with each revenue forecast, and today’s forecast reveals that we have a record-setting revenue surplus of $15 billion,” said Schoesler, R-Ritzville and a member of the budget-writing Senate Ways and Means Committee. “With so many hard-working people in our state struggling to cope with higher gas prices and rampant inflation, the Legislature should do the right thing and give back some of this extra revenue to our state’s taxpayers. They deserve it and we can afford to do it.”

The February forecast–the first quarterly forecast for 2022– shows revenue projections increased by over $2.8 billion for the four–year outlook budget period ($1.45 billion for the current biennium and $1.32 billion for the 2023-25 biennium). The main reasons for the latest revenue increases are due to revenue collections coming in $450 million higher than forecast since the previous forecast in November and the number of unemployed in Washington, as measured by unemployment insurance claims, being at historic lows.

The state operating budget is now expected to collect over $10 billion in additional revenue during the four-year outlook than expected when the Legislature finished its 2021 session in April.

The Economic and Revenue Forecast Council projects that the state has $61.691 billion in revenue for the current biennium, a 16.1% increase over the 2019-21 biennium. The state is projected to have $65.368 billion in revenue in the 2023-25 biennium.