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 increased by a percentage that reflects the fiscal growth factor. A new state revenue limit committee is created to determine and adjust this limit, which includes key financial management officials and requires a majority vote for decisions. The bill also outlines the process for adjusting the revenue limit based on actual revenue collections and changes in the fiscal growth factor.

Additionally, the bill introduces a provision that requires the state revenue limit committee to lower the revenue limit if funding for any state program is shifted from the state general fund or related funds to another source after January 1, 2025. It also specifies that the state treasurer must transfer a portion of general state revenues to the budget stabilization account and adjust this transfer based on whether revenue collections exceed the established revenue limit. The bill aims to ensure fiscal responsibility and stability in state budgeting practices.

Statutes affected:
Original Bill: 43.135.025, 43.79.495