Gov. Inslee proposes increasing 2023–25 appropriations from funds subject to the outlook (NGFO) by 9.8% over enacted 2021–23 appropriations. Appropriations would total $70.380 billion for the biennium.

The governor’s budget would not increase taxes. (Since the current budget was adopted, the NGFO revenue forecast has increased by $3.078 billion over the 2021–23 and 2023–25 period.) However, the budget would transfer the balance of the Washington rescue plan transition account (WRPTA) to the NGFO to help balance the budget.

In 2021, the Legislature drained the budget stabilization account (BSA, or the rainy day fund) and seeded the WRPTA with $1 billion of that money. The state considers the WRPTA to be a reserve account, and its balance is $2.1 billion in 2021–23. In the 2022 budget, the WRPTA represented 71.6% of the state’s total reserves. Under the governor’s proposal, total reserves in 2023–25 would be just $2.646 billion (the unrestricted NGFO ending balance would be $1.3 billion and the BSA balance would be $1.346 billion). The governor’s budget documents do not include an outlook for 2025–27.

Additionally, Gov. Inslee proposes asking voters to approve $4 billion in bonds over six years outside of the state debt limit. The funds would be used on housing and homelessness programs.