This morning the Washington Economic and Revenue Forecast Council met to hear the latest revenue projections for the state.

According to State Economist Steve Lerch the combined effect of a recovering economy and tax changes approved by the Legislature this past session are expected to generate $368 million in additional revenue for the biennium. Approximately $123 million is due to actions taken by the Legislature with regard to tax breaks and tax reforms.

In addition the forecast predicts an additional $342 million in new revenue for 2015-17, the majority of which ($249 million) is due to legislative and other non-economic factors.

Lerch stated “There has been little dramatic change in the economy since our last forecast and we continue to expect a slowly improving economy…While we still anticipate an expanding housing market, higher mortgage rates and home prices will slow activity relative to our June forecast.”