For those who have been following developments in regard to the Washington State budget, the Economic and Revenue Forecast Council released an updated revenue forecast today for the current 2009-11 biennium.  The forecast described state revenues as "bumping along the bottom" with a decrease of just $118 million compared to the November forecast. Given increases in state social service caseloads and other expenses, the estimated shortfall for the remainder of the current biennium is now $2.8 billion; up from $2.6 billion in November.

"It is positive to see less volatility in this forecast," noted Victor Moore, director of the state Office of Financial Management.  "This stability makes it easier to make decisions about the future.  But that doesn't help as much with our current shortfall..."

Legislators indicated today that these numbers still generally fell within the planning parameters the House and Senate have been using to develop budget proposals for the remainder of the biennium.

What this means for Evergreen and for higher education is difficult to characterize at this time, but the revenue and expense/caseload forecasts will influence  legislative budget decisions in the coming weeks.  The Legislature is scheduled to produce a budget and adjourn by March 11.

You can anticipate further updates on the budget situation as we continue to learn more.

Resources

The Economic and Revenue Forecast Council
Press Release (PDF)  
Report (PDF)

Office of Financial Management
Press Release