This morning the Washington State Economic and Revenue Forecast Council released their February revenue forecast, predicting a $78 million decline in revenue collections for the current biennium.

The decline in collections is due to weak economic growth on the national and global level. This morning’s forecast marks the first time in two years that the council has lowered their projection for the current biennium.

In addition to lowering the projections for the current biennium, the council also lowered their forecast for the 2017-2019 biennium by a significant $436 million.

For more details on the economic outlook for Washington, you can view the full report by the Economic and Revenue Forecast Council.

The next revenue forecast is scheduled for release on Wednesday, June 15th.