On Friday,  the State Economic & Revenue Forecast Council released it economic review for the quarter.

The official revenue forecast is scheduled for June 17, but the economic review hints at what can be expected in the coming weeks:

Arun Raha, Washington’s chief economic forecaster, reported that estimated revenue collections through the June 10 collection period are down by 1.1% or $48 million below what was expected over this period of time.

Overall, Raha stated the events that have unfolded since the last forecast (February 2010) have done so along predictable lines.

According to Raha, “the current U.S. forecast is, therefore, similar to the forecast adopted in February. Major state economic variables are also coming in very close to what we had expected. As a result, the revisions to the Washington state economic forecast are minimal.”