The bill aims to reestablish a state expenditure limit in Washington by amending RCW 43.135.025 and adding a new section to the same chapter. Key provisions include a prohibition on state expenditures from the general fund and related funds exceeding the established expenditure limit, which will be determined by the previous fiscal year's limit adjusted for 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 definitions of "fiscal growth factor," "inflation," "population change," and "related funds" are clarified to reflect updated metrics.

Furthermore, the bill introduces a new section that mandates the state expenditure limit committee to lower the expenditure limit if any state program's funding is shifted from the general fund or related funds to another source after January 1, 2025. This includes any legislative actions that reduce revenues from a source that would typically contribute to the general fund while increasing revenues to another account. Overall, the bill seeks to ensure fiscal responsibility and transparency in state budgeting by establishing clear limits and procedures for expenditure adjustments.

Statutes affected:
Original Bill: 43.135.025