The importance of economic and revenue forecasting has become very evident in recent years. Major budget decisions and policy options are affected by state forecasts of economic activity and revenue collections. Efforts to increase legislative participation in and understanding of the forecasting process can increase the credibility and utility of the forecasts.
NOW, THEREFORE, I, John Spellman, Governor of the state of Washington, do hereby resolve that a forecast council be immediately established to:
A. Oversee the preparation of and approve, by majority vote, a state economic and General Fund-state revenue forecast for the biennium; and
B. Make available to the Governor and legislature such forecasts on or before February 20 in even-numbered years, March 20 in odd-numbered years, and on June 20, September 20, and December 20 of each year.
The Forecast Council shall consist of six individuals, two of whom shall be appointed by the Governor and one of whom shall be appointed by the chairperson of each of the political caucuses of the Senate and House of Representatives.
The Office of Financial Management, the Department of Revenue, and other state agencies responsible for collecting and preparing estimates of biennial revenues are called upon to provide whatever support is necessary to carry out the tasks assigned to the Forecast Council. The Department of Revenue is further called upon to ensure that revenue collection information is available to the Governor and legislature the first business day following the conclusion of each collection period.