This morning the Washington State Economic and Revenue Forecast Council released the February revenue forecast.

The forecast shows that the biennial budget will experience a slight increase in revenues – $30 million – compared to the last forecast in November.

General Fund collections are expected to total $33 billion for the current biennium. The forecast for the 2015-17 biennium also increased by $82 million. This includes a projected increase of $51 million from marijuana production and sales, the first time this item has been included in the forecast. The total General Fund for 2015-17 is expected to be $35.7 million for the 2015-17 biennium. The initial forecast for 2017-19 projects a total of $38.7 billion.

Though the forecast shows the state moving in a positive direction, the news was mixed. The Office of Financial Management stated that revenue collections had not grown enough to trigger an automatic 1 percent pay increase for many state employees. The 2013-15 state budget included language that reflects current collective bargaining agreements with unions which would trigger a 1 percent salary increase as a result of increased state economic activity. The February forecast would need to be at least $200 million higher than what was forecast in September 2012. Revenue growth only increased by $11.7 million over this period.

The next revenue forecast is scheduled for release in June.