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WA HB1411

WA HB1411
Limiting assumed revenues to projected revenues by the economic and revenue forecast council.


summary

Introduced
01/20/2025
In Committee
01/20/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT Relating to limiting assumed revenues to projected 2 revenues by the economic and revenue forecast council; amending RCW 3 43.88.030 and 43.88.055; and declaring an emergency. 4

AI Summary

This bill modifies how the state of Washington calculates and projects revenues for budget planning purposes, specifically changing how the Economic and Revenue Forecast Council determines revenue estimates. The legislation amends existing laws to remove a previous provision that allowed revenue forecasts to be calculated using either the official forecast for the upcoming biennium or the second fiscal year of the current biennium increased by 4.5% for each fiscal year. Instead, the bill now requires that revenue forecasts be based solely on the official general fund and related funds revenue forecast for the upcoming biennium. This change is intended to create more accurate and consistent budget projections by eliminating the alternative calculation method. The bill also maintains existing requirements that the state's budget must leave a positive ending fund balance and that the projected maintenance level of appropriations cannot exceed available fiscal resources. An emergency clause is included, which means the bill will take effect immediately upon becoming law, reflecting the legislature's determination that the changes are urgent for maintaining the state's financial stability and planning processes.

Committee Categories

Budget and Finance

Sponsors (7)

Last Action

First reading, referred to Appropriations. (on 01/20/2025)

bill text


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