The Associated Press
OLYMPIA — The state treasury is expected to take a $482 million hit through 2011.
The state Economic and Revenue Forecast Council received the update today by chief economist Arun Raha.
Revenue for the current budget period that ends this year is projected to decrease $185 million, and the decrease for the next budget period that ends in 2011 is projected to decrease an additional $297 million.
Raha says that and economic recovery could begin later this year.
The recession has already hammered state revenue, and lawmakers had to bridge a roughly $9 billion budget deficit earlier this year.
To deal with the reduced revenue that was projected today, Gov. Chris Gregoire is directing agencies to further cut spending levels.
