Early Saturday Gov. Inslee and legislators reached an agreement on a 2015-17 operating budget. Unfortunately, at this point we’re still short on details — they are expected to be released this evening. The Seattle Times has a good story on the available information, and here’s a one page summary that was handed out to the press. Tuition will be reduced, and teachers will get a compensation increase over and above the I-732 COLAs. It is not clear how the Legislature will deal with I-1351. According to the summary, “Funding sources include account transfers and a net increase in revenue from closing tax exemptions and extending some existing exemptions that support needed jobs.”

A third special session of the Legislature began yesterday. The new fiscal year begins Wednesday.

Meanwhile, a deal has also been reached on a transportation revenue package.

UPDATE: The Wall Street Journal has a story on the budget deal. It notes that

The budget outline reflects a national trend of moderate growth of state budgets as the economy continues its slow climb out of a recession that ended six years ago, according to the National Association of State Budget Officers.