The bill establishes the Transportation Economic and Revenue Forecast Council, which will take over the responsibilities for the transportation revenue forecast from existing entities. This council will include key members such as the director of the office of financial management, the director of the department of licensing, the state treasurer, and the chairs and ranking members of the transportation committees from both the House and Senate. The council will collaborate with the economic, revenue, and transportation revenue forecast supervisor to prepare and approve forecasts that encompass various transportation-related revenues, including taxes, fees, and tolls.

In addition to creating the council, the bill amends current laws to enhance the economic and revenue forecast council's structure by increasing legislative appointees from four to eight and requiring seven affirmative votes for certain decisions. It mandates the preparation of an official transportation revenue forecast starting in September 2024 and repeals existing statutes, specifically RCW 43.88.125 and RCW 43.88.122, to streamline the forecasting process. The bill also introduces new definitions related to state budgeting and financial management to clarify agency responsibilities and ensure accountability. The new provisions are set to take effect on July 1, 2024.

Statutes affected:
Original Bill: 82.33.010, 82.33.040
Substitute Bill: 82.33.010, 82.33.040
Engrossed Substitute: 82.33.010, 82.33.040
Bill as Passed Legislature: 82.33.010, 82.33.040, 43.88.020, 44.28.005
Session Law: 82.33.010, 82.33.040, 43.88.020, 44.28.005