Improving fiscal responsibility and budget discipline by replacing the spending limit with additional four-year balanced budget requirements.
Summary
Eliminates the state's expenditure limit, restrictions on raising taxes in excess of the limit, and the state Expenditure Limit Committee.
Adds Dedicated Marijuana Account, Liquor Revolving Fund, and Workforce Education Investment Account to the list of "related funds" that are subject to the legislative balanced operating budget requirement.
Limits relief from the legislative balanced budget requirement due to Budget Stabilization Account appropriations to when an appropriation is allowed by majority vote due to low employment growth.
Requires the Economic and Revenue Forecast Council to calculate the state's fiscal growth factor and biennially review and make recommendations to the Legislature on additional accounts to be added to the list of related funds.
Requires the Governor to submit operating budget proposals that balance over a four-year period.
From the Substitute Senate Bill Report (SSB 6660), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to improving fiscal responsibility and budget discipline by replacing the spending limit with additional four-year balanced budget requirements;