Today is the first day of fiscal year 2020 and the first day of the 2019–21 biennium. It’s a good time to review the biennial budget.

The operating budget for 2019–21 (accounting for vetoes) appropriates $52.873 billion from funds subject to the outlook and the workforce education investment account. For more on the budget (as passed by the Legislature), see our overview and detailed reports on spending and revenues. The chart below shows historical spending and enacted appropriations, including the 2019 supplemental to the 2017–19 budget.

Additionally, some of the tax increases adopted this year are effective today:

• ESSB 5993 (hazardous substance tax increase)
• ESB 6016 (taxation of international investment management companies)
• ESSB 5997 (changing the sales tax exemption for nonresidents to a refund program)
• ESSB 6004 (B&O tax increase for certain travel agents and tour operators)

The chart below shows historical and forecast revenues, based on the June forecast and the fiscal note for E2SHB 2158 (workforce education investment).