Reestablishes a state expenditure limit for Washington, adjusting it annually based on fiscal growth factors.

The bill reestablishes a state expenditure limit for Washington, prohibiting the state from spending more than the limit from the general fund and related funds. The limit is adjusted annually based on the fiscal growth factor, which is the average of inflation and population change for the prior three fiscal years. The state expenditure limit committee, consisting of the director of financial management, the state treasurer, and legislative committee chairs, is responsible for adjusting the limit each November and projecting it for the next two fiscal years.

Reestablishes a state expenditure limit for Washington, adjusting it annually based on fiscal growth factors.

The bill reestablishes a state expenditure limit for Washington, prohibiting the state from spending more than the limit from the general fund and related funds. The limit is adjusted annually based on the fiscal growth factor, which is the average of inflation and population change for the prior three fiscal years. The state expenditure limit committee, consisting of the director of financial management, the state treasurer, and legislative committee chairs, is responsible for adjusting the limit each November and projecting it for the next two fiscal years.