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Updated numbers by the Economic and Revenue Forecast Council revealed that Washington state’s economy is on track to have nearly $1 billion more than previously assumed through mid-2023, the Associated Press reported recently. 

Projected revenue collections for the 2021-2023 budget cycle are $927 million above what had been originally forecasted in June. Projections for the next two-year budget cycle that ends in mid-2025 increased by more than $931 million, according to the report.

As reported by the Associated Press, revenues for the current budget cycle that ends mid-2023 are now projected to be $59.3 billion. And projected revenues for the next two-year budget cycle that starts July 1, 2023 are projected to be about $63.1 billion. The next state revenue forecast is slated for November.

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