OLYMPIA, Wash. (AP) — An updated forecast shows Washington state is expected to see a net increase in revenues of about $299 million for the current two-year budget cycle.

The numbers released at Wednesday’s meeting of the state Economic and Revenue Forecast Council also show that revenues for the budget cycle that ends mid-2021 will top out at about $51.7 billion. The state is projected to have about $3 billion in reserves in that timeframe.

The projections for the next two-year budget that ends mid-2023 also increased by about $181 million, pushing the state’s total revenues for that cycle up to about $55 billion.

Gov. Jay Inslee will release his supplemental budget proposal next month. Legislative leaders in the House and Senate will release their budget proposals during the 60-day legislative session that begins Jan. 13.

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