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 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. A new state revenue limit committee is created to oversee the determination and adjustment of this limit, which includes key financial management officials and legislative committee members. The committee is tasked with adjusting the revenue limit based on actual revenue collections and projecting future limits, with specific provisions for adjustments if the committee fails to act by a set deadline.

Additionally, the bill introduces a new section that requires the state revenue limit committee to lower the revenue limit if funding for state programs is shifted from the general fund or related funds to other sources after January 1, 2025. It also stipulates that the state treasurer must transfer a portion of general state revenues to the budget stabilization account by June 30 each fiscal year, and if revenues exceed the established limit, the treasurer must transfer the excess to the stabilization account. The bill emphasizes the importance of maintaining fiscal responsibility and ensuring that excess revenues are appropriately allocated to support the state's financial stability.

Statutes affected:
Original Bill: 43.135.025, 43.79.495