This morning the November state economic and revenue forecast was released.  The forecast shows projected General Fund revenues for the current biennium down by $122 million compared to the prior quarterly forecast in September.

Washington’s Chief Economist, Dr. Arun Raha stated, “the economic environment is much as we anticipated in the September forecast. Our November adjustments reflect uncertainty in various markets, but not another downshift in expectations.”

Governor Gregoire is expected to propose a supplemental operating budget on Monday, November 21 to address the shortfall and leave a reserve (the estimated target is $2 billion). Washington legislators will return on the following Monday (November 28) for a special session to address the budget shortfall.