The bill aims to reestablish a state expenditure limit in Washington by amending RCW 43.135.025 and introducing a new section to chapter 43.135 RCW. Key provisions include a prohibition on state expenditures from the general fund and related funds exceeding the established expenditure limit, which is defined as the previous fiscal year's limit adjusted by a fiscal growth factor. The bill also establishes a state expenditure limit committee responsible for determining and adjusting the expenditure limit, requiring an affirmative vote from at least four members for any actions taken. Additionally, the bill outlines the definitions of terms such as "fiscal growth factor," "inflation," and "population change," which are essential for calculating the expenditure limit.

Furthermore, the bill introduces a mechanism to adjust the state expenditure limit if funding for state programs is shifted from the general fund or related funds to other sources after January 1, 2025. This adjustment will reflect any legislative actions that reduce revenues from a specific source that would typically contribute to the general fund while increasing revenues to other accounts. Overall, the bill seeks to ensure fiscal responsibility and transparency in state budgeting by establishing clear limits on expenditures and mechanisms for adjustment based on funding changes.

Statutes affected:
Original Bill: 43.135.025