The news coming Monday could result in a noticeably lower state revenue forecast, due to inflation.
Legislators believe latest revenue picture will be as high as expected
Prior to, and during the early stages of the 2023 legislative session in Olympia, previous state revenue (income) forecasts were trending noticeably higher than what most officials though.
However, Monday, March 20th, when the latest income projection is released, both Democrat and Republican leaders believe it will not be as rosy.
The revenue forecast (usually) determines how much money is available for the slew of bills that are expected to be passed, as well as the state budget. Although usually a lower forecast often means legislators ‘cut’ back on expectations, less money won’t necessarily slow down a series of Democrat-sponsored spending bills.
According to The Center Square, Democratic Senator Mark Mullet (Issaquah) said:
“My gut is I think the revenue forecast will probably not be super positive on March 20th.”
Even with a lower-than-projected revenue forecast, many still believe it will be ahead of last year’s projections. Previous projections indicated significantly more money coming into the state. However, even if it is still positive, Republican legislators do not foresee tax cuts coming for citizens.
Some GOP legislators believe if the revenue forecast is noticeably lower than projected, Democrats will use that as an excuse to push for more tax increases.