An updated forecast shows Washington state is expected to see a net increase in revenues of nearly $348 million for the current two-year budget cycle.

The state’s Economic and Revenue Forecast Council released its latest projections Wednesday, saying the two-year budget that ends mid-2019 is now set to be $45.6 billion.

The projections for the next two-year budget that ends in 2021 also increase by $443 million, pushing the state budget up to almost $50 billion.

The state is now projected to have more than $3.2 billion in reserves in the current budget cycle.