Today the Washington State Economic and Revenue Forecast Council released its quarterly revenue forecast showing a $78 million decline in expected revenue collections for the current 2015-17 biennium and a $436 million decline in anticipated revenue collections for the upcoming 2017-19 biennium.  The decline in forecasted revenues for the 2015-17 budget cycle was in part offset by a projected decrease in welfare and nursing home caseloads that will reduce the state’s projected costs by $62 million for the current budget cycle.  Today’s forecast will impact the House and Senate budget proposals, which will be released in the near future.  You can find materials from today’s revenue review meeting here.

Nearly two-thirds of the way through the 60-day 2016 legislative session, today also marks another significant cutoff in the legislative process.  By 5pm today, bills that are not considered necessary to implement the budget need to be voted out of the house of origin in order to still be considered alive this session, meaning House bills voted out of the House and Senate bills voted out of the Senate.  You can find the entire 2016 legislative session cutoff calendar by clicking here.