Blog

Senate Chair’s capital budget proposal would devote a much higher level of resources to housing programs than has been typical, without a dedicated housing bond referendum

Senators Mullet and Schoesler (the Vice Chair and Ranking Member of the Ways & Means Committee, capital budget) have released their capital budget proposal for 2023–25. For the biennium, it would appropriate $7.890 billion from all funds. Adjusted for inflation, that is a decrease of 4.9% from the current capital budget. The Senate chair’s proposal […]

Will the operating budget repeal or reduce an already appropriated extra pension payment?

As part of the 2021–23 biennial budget, the Legislature appropriated $800.0 million from the general fund–state (GFS) to make an extra payment toward the unfunded actuarial accrued liability (UAAL) of the Teachers’ Retirement System (TRS) Plan 1. The payment is scheduled for June 30, 2023. In 2021, the Legislature had also transferred the balance of […]

March report on state tax collections: revenues for the most recent month exceeded forecast by $110 million

Tuesday the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between February 11 and March 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the […]

Is the Washington future fund proposal still in play?

On Friday (fiscal committee cutoff day), the House Appropriations Committee held a public hearing on HJR 4204. Later in the meeting, the committee passed the resolution. (HJR 4204 was requested by the state treasurer; its companion, SJR 8205, was not heard by Ways & Means.) HJR 4204 would amend the state constitution to allow the […]

Report on state student loan program raises questions about its sustainability

Last week I wrote about HB 1823, which would remove sustainability requirements from the yet-to-be-implemented Washington student loan program. (See that post for details about the 2022 legislation and how HB 1823 would change it.) Instead of specifying program details, the 2022 legislation required the Washington Student Achievement Council (WSAC) to “design a student loan […]

Notes from the February caseload forecast: ECEAP, ABD, and Medicaid

The state operating budget is not developed from scratch. The starting point for a new budget is the maintenance level of the last budget. The maintenance level (ML) is the cost of current services, adjusted for inflation and caseload changes (the number of people who are expected to use entitlement programs). The Caseload Forecast Council […]

A history of legislative diversions from the public works assistance account

SJR 8201, which was approved Feb. 16 by the Senate Ways & Means Committee, would amend the state constitution to establish a public works revolving trust account. (Ways & Means also approved the implementing legislation, SSB 5303.) Under the proposed constitutional amendment, when local governments repay their public works loans, the funds would be deposited […]

HB 1823 would remove actuarial, sustainability requirements from the yet-to-be-implemented Washington student loan program

HB 1823, which will be heard by the House Appropriations Committee tomorrow, would remove actuarial and sustainability requirements from the not-yet-implemented Washington student loan program. Last year, the Legislature enacted E2SHB 1736, establishing the Washington student loan program. (The program is codified as RCW 28B.93.) The bill left the details of the program to be […]

February report on state tax collections: revenues for the most recent month exceeded forecast by $5 million

Yesterday the state’s Economic and Revenue Forecast Council (ERFC) issued its monthly report on general fund revenue collections. This report covers payments received between January 11 and February 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the […]

The current wealth tax proposal would apply to financial assets over $250 million, down from $1 billion in the 2021 version

The wealth tax bills proposed in the Legislature this year (HB 1473 and SB 5486) are very similar to the 2021 proposals (which Kriss described here). A major difference is a dramatic increase in the amount of financial assets that would be subject to the tax. HB 1473 (which was heard by the House Finance […]