The bill amends RCW 47.60.830 to enhance the Washington State ferry system's approach to fuel purchasing. It allows the department to explore and implement various strategies aimed at reducing fuel costs and mitigating the effects of market fluctuations. These strategies may include futures contracts, hedging, and other financial instruments. Additionally, the department is permitted to employ outside technical expertise to assist in making informed decisions regarding fuel transactions and contract parameters.

Furthermore, the bill establishes an oversight committee to guide the adoption of these fuel cost fluctuation strategies. This committee will consist of key department officials and representatives from the office of financial management and the department of enterprise services. The department is also required to submit periodic reports to the transportation committees of the legislature and the department of enterprise services, detailing the status and effectiveness of the implemented strategies, including cost mitigation results and contract specifics. The first report is mandated to be submitted within one year of the strategies' implementation.

Statutes affected:
Original Bill: 47.60.830
Substitute Bill: 47.60.830