Could unexpectedly high pension investment returns help to fund transportation?
The state pension system’s investments earned $22 billion more than expected in fiscal year 2021. These gains will be factored in to the calculations of contribution rates over time. All else equal, contribution rates will decline. That means savings for the state and local employers in the system. At the same time, as we’ve written, […]
February 29 , 2024 - Emily Makings
Legislature passes bill making long-term care benefits portable
The Legislature has passed SHB 2467, which would allow employees who move out of state to continue to participate in the long-term services and supports (LTSS) trust program. The House passed the bill on Feb. 12 and the Senate passed it (with no amendments) yesterday. (A broader bill that would make benefits portable as well […]
February 29 , 2024 - WRC
New brief: Comparing the Senate- and House-Passed Supplemental Operating Budgets
The Senate and House have each passed supplemental operating budgets that would increase spending on new policies without increasing taxes. The House would increase 2023–25 appropriations by $354.9 million more than the Senate and leave less in reserves. Read the report here.
February 28 , 2024 - Emily Makings
Senate-passed transportation budget would appropriate $227.7 million more than the House-passed budget
The House and Senate have each passed supplemental transportation budgets. The House-passed budget would increase 2023–25 appropriations from all funds by $846.5 million, bringing revised 2023–25 appropriations to $14.462 billion. The Senate-passed supplemental would increase appropriations from all funds by $1.074 billion, bringing revised 2023–25 appropriations to $14.690 billion. The two proposals do not quite […]
February 26 , 2024 - Emily Makings
The Senate- and House-passed operating budgets are $354.9 million apart
The Senate and House have each passed their respective supplemental operating budgets. The House-passed budget would appropriate $354.9 million more than the Senate-passed budget, in terms of funds subject to the outlook (NGFO). The Senate-passed budget would increase 2023–25 NGFO appropriations by $1.867 billion (2.7% over enacted appropriations) and the House-passed budget would increase 2023–25 […]
February 23 , 2024 - Emily Makings
How the budget proposals treat climate commitment act funds
Appropriations from carbon emission allowance auctions are split among the operating, capital, and transportation budgets. A major thread connecting the three budgets this year is how to plan for the possibility that voters could approve I-2117 this fall. The initiative would repeal the climate commitment act, which would mean no auction proceeds to appropriate going […]
February 23 , 2024 - Emily Makings
Committees approve modest changes to operating budget proposals
On Wednesday, the Senate Ways & Means Committee and the House Appropriations Committee amended and approved the supplemental operating budgets proposed by their respective chairs. Amendments adopted in Ways & Means increased appropriations from funds subject to the outlook (NGFO) by $11.9 million compared to the chair’s original proposal. (I wrote about the chair’s proposal […]
February 20 , 2024 - Emily Makings
Comparing policy changes in the Senate and House operating budget proposals
The Senate chair’s supplemental operating budget proposal would increase 2023–25 appropriations from funds subject to the outlook (NGFO) by $1.854 billion; the House chair’s proposal would increase appropriations by $2.196 billion. Those figures are composed of maintenance level changes (the cost of continuing current services, adjusted for enrollment and inflation) and new policy. (All spending […]
February 19 , 2024 - Emily Makings
House chair’s supplemental operating budget would increase appropriations by 3.1%
The House Appropriation Committee chair’s proposed supplemental operating budget would increase 2023–25 appropriations from funds subject to the outlook (NGFO) by $2.196 billion (3.1%). That’s $342.0 million more than the Senate chair’s proposal and $233.4 million more than Gov. Inslee’s proposal. Revised 2023–25 NGFO appropriations under the House chair’s proposal would be $72.000 billion. (I […]
February 19 , 2024 - Emily Makings
Senate chair’s operating budget proposal would increase appropriations by 2.7%
The 2024 supplemental operating budget proposal from the Senate Ways & Means Committee Chair would increase 2023–25 appropriations from funds subject to the outlook (NGFO) by $1.854 billion (2.7%). Revised NGFO appropriations for 2023–25 would be $71.658 billion. (That’s $108.6 million less than had been proposed by Gov. Inslee.) The proposal would not increase revenues. […]