Tomorrow the Washington State Forecast Council will be presented with the latest revenue forecast. Dr. Arun Raha, Washington’s State Economist will present the forecast at Noon.

Initial projections for the 2011-13 biennium were estimated at $4.6 billion when the legislative session began in January. Since January lawmakers have passed a second supplemental budget reducing the budget gap in the current fiscal year to approximately $250 million and have been planning on an additional $500 million shortfall in the latest revenue forecast for the 2011-13 biennium.

However, it is expected that $500 million may be a low ball figure, with some expecting the shortfall to range between $1-2 billion.

If the forecast is not significantly greater than anticipated, the House plans to release their proposed biennial budgets on March 22, hold public hearings on the proposed budget as soon as March 23, and move the bill out of Committee by March 24. A vote on the budget on the House floor is tentatively scheduled for March 26.

The budget discussions would then shift to the Senate.