State revenue forecast: Nothing to sing about, but nothing to cry about, either

audio iconThe state’s top economist released his quarterly revenue forecast Wednesday, and it was a mixed bag. Dan Frizzell has more. Hunter-revenueforecast-3-20-13

The Washington State Economic and Revenue Forecast Council is projecting a $19.1 million decrease in expected revenues for the 2013-15 biennium, primarily due to federal sequestration reductions, reinstatement of the federal payroll tax, and a state economy that remains fragile. The forecast has also been reduced by $48.7 million for the 2015-17 biennium. An improved trend in housing construction and sales is expected to help buffer against further revenue reductions.