The bill amends existing laws regarding budget sustainability in Washington State, specifically RCW 43.88.030 and RCW 43.88.055. It establishes new requirements for the governor's operating budget documents starting from the 2021-2023 fiscal biennium, mandating that these documents must maintain a positive ending fund balance in the general fund and related funds. Additionally, the projected maintenance level of the budget must not exceed available fiscal resources for the next biennium. The bill introduces specific definitions for "available fiscal resources" and "projected maintenance level," which include adjustments for proposed revenue legislation and other factors. Notably, for the operating budgets proposed for the 2027-2029 and 2029-2031 fiscal biennia, the definition of "available fiscal resources" is modified to rely solely on the official general fund revenue forecast.

Furthermore, the bill outlines the requirements for the capital budget document, emphasizing the need for a long-range facilities plan and detailed estimates for capital projects. It mandates that the capital budget must include comprehensive information about project costs, timelines, and funding sources, particularly for projects exceeding five million dollars. The bill also stipulates that any significant increases in project costs must be justified with detailed explanations. Overall, the amendments aim to enhance fiscal responsibility and transparency in the state's budgeting process while ensuring that future budgets are sustainable and aligned with available resources.

Statutes affected:
Original bill: 43.88.030, 43.88.055