This morning the Washington Economic & Revenue Forecast Council approved a November forecast that increased slightly by $368 million for 2013-15. The increase is the result of a slow-recovering economy and tax changes approved by the Legislature.

Overall the increase gives the state about $862.7 million in total general-fund reserves for the current budget. Though good news given the deep declines in revenue over the past few years, the positive forecast does not change course, in many policymaker’s minds,  for the upcoming supplemental session. In other words a session geared towards technical changes and not new major investments.

This cautious approach may well be supported given pending litigation on state employee pensions that in the worst case could hit the state with a$1.3 billion price tag.