The bill establishes a state revenue limit and mandates that any excess revenues be deposited into the budget stabilization account. It amends existing laws, specifically RCW 43.135.025 and RCW 43.79.495, to define the state revenue limit for each fiscal year as the previous year's limit adjusted by a percentage reflecting the fiscal growth factor, which is now calculated based on the average of inflation and population change over the prior three fiscal years. Additionally, a state revenue limit committee is created to oversee the determination and adjustment of this limit, requiring a minimum of four affirmative votes for any actions taken.

Furthermore, the bill introduces a new section that stipulates if any state program's funding is shifted away from the state general fund or related funds after January 1, 2025, the revenue limit must be adjusted accordingly. It also specifies that by June 30 of each fiscal year, the state treasurer must transfer one percent of general state revenues to the budget stabilization account and ensure that any revenue exceeding the established limit is also transferred to this account. The bill emphasizes the importance of maintaining fiscal responsibility and stability in state funding.

Statutes affected:
Original Bill: 43.135.025, 43.79.495