State $150 Million Below Spending Cap

Washington lawmakers still are $150 million below the spending cap for the next two years, the governor’s budget office said Friday.

The new state revenue forecast earlier this week included a note that $62.9 million in projected revenue will exceed the amount that the Legislature can spend on programs. Those dollars will be available for tax cuts or a reserve account, but cannot be used for the regular budget.

The Office of Financial Management said the $19.1 billion state budget adopted earlier this year is $150 million below the level permitted under Initiative 601.