Today’s forecast will be used by legislative budget writers to put the finishing touches on proposed operating budgets for the upcoming 2025-27 biennium
An $845 million decrease in this year’s initial forecast of state revenue gives legislators more reason to keep a lid on new spending and say no to new and higher taxes, says Sen. Chris Gildon, Senate Republican budget leader.
Today’s forecast will be used by legislative budget writers to put the finishing touches on proposed operating budgets for the upcoming 2025-27 biennium.
Gildon, R-Puyallup, offered this statement about what the first quarterly forecast of 2025 means for the overall budget situation and the no-new-taxes, no-cuts “$ave Washington” budget proposal Senate Republicans presented a week ago:
“Even with today’s forecast the state expects to have $4.5 billion more over the next two years, so the sky is not falling. Still, our chief economist repeatedly cautioned us to expect slow revenue growth. Legislative budget writers should take heed and show restraint going forward, especially with the uncertainty about actions at the federal level that could affect our situation.
“The smart approach is to avoid new and higher taxes, limit new spending to core priorities like K-12 and public safety, preserve social services, and protect the rainy-day fund. Our $ave Washington budget does all of that.
“If our Democratic colleagues deplete the rainy-day fund and abuse their taxing authority this year, it could put us in a very vulnerable position next year.
“Knowing our budget would come out before today’s forecast, we built in several options for adjustments. But it will continue to be the no-new-taxes, no-cuts approach our state needs. Washington families can’t afford more of the tax-and-spend they’ve been seeing from Olympia.”
The predictions from the state’s chief economist, for the 2025-27 and 2027-29 budget cycles, are down $479 million and $420 million respectively from the previous forecast in November. Gildon and other members of the state Economic and Revenue Forecast Council adopted them today.
When combined with a $54 million increase anticipated for the remainder of the current budget cycle, the total projected revenue drop is $845 million, or 0.6%, over the state’s four-year budget outlook.
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