CERTIFICATION OF ENROLLMENT
SUBSTITUTE HOUSE BILL 2140
1991 Regular Session
Passed by the House March 19, 1991
Yeas 98 Nays 0
Speaker of the
House of Representatives
Passed by the Senate April 11, 1991
Yeas 43 Nays 0
President of the Senate
Governor of the State of Washington
I, Alan Thompson, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2140 as passed by the House of Representatives and the Senate on the dates hereon set forth.
Secretary of State
State of Washington
SUBSTITUTE HOUSE BILL 2140
AS AMENDED BY THE SENATE
Passed Legislature - 1991 Regular Session
State of Washington 52nd Legislature 1991 Regular Session
By House Committee on Transportation (originally sponsored by Representatives Schmidt, R. Fisher, H. Sommers, Holland, Franklin, Wilson and Betrozoff).
Read first time March 11, 1991.
AN ACT Relating to budgeting; amending RCW 43.88.030, 43.88.110, 43.88.120, 47.05.070, and 43.88.020; reenacting and amending RCW 43.88.160; creating a new section; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 43.88.030 and 1990 c 115 s 1 are each amended to read as follows:
(1) The director of financial management shall provide all agencies with a complete set of instructions for submitting biennial budget requests to the director at least three months before agency budget documents are due into the office of financial management. The director shall provide agencies that are required under RCW 44.40.070 to develop comprehensive six-year program and financial plans with a complete set of instructions for submitting these program and financial plans at the same time that instructions for submitting other budget requests are provided. The budget document or documents shall consist of the governor's budget message which shall be explanatory of the budget and shall contain an outline of the proposed financial policies of the state for the ensuing fiscal period, as well as an outline of the proposed six-year financial policies where applicable, and shall describe in connection therewith the important features of the budget. The message shall set forth the reasons for salient changes from the previous fiscal period in expenditure and revenue items and shall explain any major changes in financial policy. Attached to the budget message shall be such supporting schedules, exhibits and other explanatory material in respect to both current operations and capital improvements as the governor shall deem to be useful to the legislature. The budget document or documents shall set forth a proposal for expenditures in the ensuing fiscal period, or six-year period where applicable, based upon the estimated revenues as approved by the economic and revenue forecast council or upon the estimated revenues of the office of financial management for those funds, accounts, and sources for which the office of the economic and revenue forecast council does not prepare an official forecast, including those revenues anticipated to support the six-year programs and financial plans under RCW 44.40.070. In estimating revenues to support financial plans under RCW 44.40.070, the office of financial management shall rely on information and advice from the interagency revenue task force. Revenues shall be estimated for such fiscal period from the source and at the rates existing by law at the time of submission of the budget document, including the supplemental budgets submitted in the even-numbered years of a biennium. However, the estimated revenues for use in the governor's budget document may be adjusted to reflect budgetary revenue transfers and revenue estimates dependent upon budgetary assumptions of enrollments, workloads, and caseloads. All adjustments to the approved estimated revenues must be set forth in the budget document. The governor may additionally submit, as an appendix to each supplemental, biennial, or six-year agency budget or to the budget document or documents, a proposal for expenditures in the ensuing fiscal period from revenue sources derived from proposed changes in existing statutes.
Supplemental and biennial documents shall reflect a six-year expenditure plan consistent with estimated revenues from existing sources and at existing rates for those agencies required to submit six-year program and financial plans under RCW 44.40.070. Any additional revenue resulting from proposed changes to existing statutes shall be separately identified within the document as well as related expenditures for the six-year period.
The budget document or documents shall also contain:
Revenues classified by fund and source for the immediately past fiscal period,
those received or anticipated for the current fiscal period, ((
those anticipated for the ensuing biennium, and those anticipated for the
ensuing six-year period to support the six-year programs and financial plans
required under RCW 44.40.070;
(b) The undesignated fund balance or deficit, by fund;
(c) Such additional information dealing with expenditures, revenues, workload, performance, and personnel as the legislature may direct by law or concurrent resolution;
(d) Such additional information dealing with revenues and expenditures as the governor shall deem pertinent and useful to the legislature;
(e) Tabulations showing expenditures classified by fund, function, activity and object;
(f) A delineation of each agency's activities, including those activities funded from nonbudgeted, nonappropriated sources, including funds maintained outside the state treasury; and
(g) Identification of all proposed direct expenditures to implement the Puget Sound water quality plan under chapter 90.70 RCW, shown by agency and in total.
(2) The budget document or documents shall include detailed estimates of all anticipated revenues applicable to proposed operating or capital expenditures and shall also include all proposed operating or capital expenditures. The total of beginning undesignated fund balance and estimated revenues less working capital and other reserves shall equal or exceed the total of proposed applicable expenditures. The budget document or documents shall further include:
(a) Interest, amortization and redemption charges on the state debt;
(b) Payments of all reliefs, judgments and claims;
(c) Other statutory expenditures;
(d) Expenditures incident to the operation for each agency;
(e) Revenues derived from agency operations;
(f) Expenditures and revenues shall be given in comparative form showing those incurred or received for the immediately past fiscal period and those anticipated for the current biennium and next ensuing biennium, as well as those required to support the six-year programs and financial plans required under RCW 44.40.070;
showing and explanation of amounts of general fund and other funds
obligations for debt service and any transfers of moneys that otherwise would
have been available for ((
general fund)) appropriation(( s));
(h) Common school expenditures on a fiscal-year basis;
(i) A showing, by agency, of the value and purpose of financing contracts for the lease/purchase or acquisition of personal or real property for the current and ensuing fiscal periods.
separate capital budget document or schedule ((
be submitted (( consisting of)) that will contain the following:
incident to current or pending capital projects and to proposed new capital
projects, relating the respective amounts proposed to be raised therefor by appropriations
in the budget and the respective amounts proposed to be raised therefor by the
issuance of bonds during)) A capital plan consisting of proposed capital
spending for at least four fiscal periods succeeding the next fiscal
capital program consisting of proposed capital projects for at least the two
fiscal periods succeeding the next fiscal period((
. The capital program
shall include for each proposed project a statement of the reason or purpose
for the project along with an estimate of its cost));
other information bearing upon capital projects as the governor shall deem to
be useful to the legislature; (d)
Such other information relating to capital improvement projects as the
legislature may direct by law or concurrent resolution)) A
statement of the reason or purpose for a project;
(d) Verification that a project is consistent with the provisions set forth in chapter 36.70A RCW;
(e) A statement about the proposed site, size, and estimated life of the project, if applicable;
(f) Estimated total project cost;
(g) Estimated total project cost for each phase of the project as defined by the office of financial management;
(h) Estimated ensuing biennium costs;
(i) Estimated costs beyond the ensuing biennium;
(j) Estimated construction start and completion dates;
(k) Source and type of funds proposed;
(l) Such other information bearing upon capital projects as the governor deems to be useful;
(m) Standard terms, including a standard and uniform definition of maintenance for all capital projects;
(n) Such other information as the legislature may direct by law or concurrent resolution.
For purposes of this subsection (3), the term "capital project" shall be defined subsequent to the analysis, findings, and recommendations of a joint committee comprised of representatives from the house capital appropriations committee, senate ways and means committee, legislative transportation committee, legislative evaluation and accountability program committee, and office of financial management.
(4) No change affecting the comparability of agency or program information relating to expenditures, revenues, workload, performance and personnel shall be made in the format of any budget document or report presented to the legislature under this section or RCW 43.88.160(1) relative to the format of the budget document or report which was presented to the previous regular session of the legislature during an odd-numbered year without prior legislative concurrence. Prior legislative concurrence shall consist of (a) a favorable majority vote on the proposal by the standing committees on ways and means of both houses if the legislature is in session or (b) a favorable majority vote on the proposal by members of the legislative evaluation and accountability program committee if the legislature is not in session.
Sec. 2. RCW 43.88.110 and 1987 c 502 s 5 are each amended to read as follows:
This section sets forth the expenditure programs and the allotment and reserve procedures to be followed by the executive branch for public funds.
(1) Allotments of an appropriation for any fiscal period shall conform to the terms, limits, or conditions of the appropriation.
(2) The director of financial management shall provide all agencies with
a complete set of operating and capital instructions for preparing a
statement of proposed expenditures at least thirty days before the beginning of
a fiscal period. The set of instructions need not include specific
appropriation amounts for the agency.
(3) Within forty-five days after the beginning of the fiscal period or within
forty-five days after the governor signs the omnibus biennial appropriations
act, whichever is later, all agencies shall submit to the governor a statement
of proposed expenditures at such times and in such form as may be required by
(4) The office of financial management shall develop a method for monitoring capital appropriations and expenditures that will capture at least the following elements:
(a) Appropriations made for capital projects including transportation projects;
(b) Estimates of total project costs including past, current, ensuing, and future biennial costs;
(c) Comparisons of actual costs to estimated costs;
(d) Comparisons of estimated construction start and completion dates with actual dates;
(e) Documentation of fund shifts between projects.
This data may be incorporated into the existing accounting system or into a separate project management system, as deemed appropriate by the office of financial management.
(5) If at any time during the fiscal period the governor projects a cash deficit in a particular fund or account as defined by RCW 43.88.050, the governor shall make across-the-board reductions in allotments for that particular fund or account so as to prevent a cash deficit, unless the legislature has directed the liquidation of the cash deficit over one or more fiscal periods. Except for the legislative and judicial branches and other agencies headed by elective officials, the governor shall review the statement of proposed operating expenditures for reasonableness and conformance with legislative intent. Once the governor approves the statements of proposed operating expenditures, further revisions shall be made only at the beginning of the second fiscal year and must be initiated by the governor. However, changes in appropriation level authorized by the legislature, changes required by across-the-board reductions mandated by the governor, and changes caused by executive increases to spending authority may require additional revisions. Revisions shall not be made retroactively. Revisions caused by executive increases to spending authority shall not be made after June 30, 1987. However, the governor may assign to a reserve status any portion of an agency appropriation withheld as part of across-the-board reductions made by the governor and any portion of an agency appropriation conditioned on a contingent event by the appropriations act. The governor may remove these amounts from reserve status if the across-the-board reductions are subsequently modified or if the contingent event occurs. The director of financial management shall enter approved statements of proposed expenditures into the state budgeting, accounting, and reporting system within forty-five days after receipt of the proposed statements from the agencies. If an agency or the director of financial management is unable to meet these requirements, the director of financial management shall provide a timely explanation in writing to the legislative fiscal committees.
(6) It is expressly provided that all agencies shall be required to
maintain accounting records and to report thereon in the manner prescribed in
this chapter and under the regulations issued pursuant to this chapter. Within
ninety days of the end of the fiscal year, all agencies shall submit to the
director of financial management their final adjustments to close their books
for the fiscal year. Prior to submitting fiscal data, written or oral, to
committees of the legislature, it is the responsibility of the agency
submitting the data to reconcile it with the budget and accounting data
reported by the agency to the director of financial management.
(7) The director of financial management shall monitor agency operating expenditures against the approved statement of proposed expenditures and shall provide the legislature with quarterly explanations of major variances.
(8) The director of financial management may exempt certain public funds
from the allotment controls established under this chapter if it is not
practical or necessary to allot the funds. Allotment control exemptions expire
at the end of the fiscal biennium for which they are granted. The director of
financial management shall report any exemptions granted under this subsection to
the legislative fiscal committees.
Sec. 3. RCW 43.88.120 and 1987 c 502 s 6 are each amended to read as follows:
Each agency engaged in the collection of revenues shall prepare estimated revenues and estimated receipts for the current and ensuing biennium and shall submit the estimates to the director of financial management and the director of revenue at times and in the form specified by the directors, along with any other information which the directors may request. For those agencies required to develop six-year programs and financial plans under RCW 44.40.070, six-year revenue estimates shall be submitted to the director of financial management and the legislative transportation committee unless the responsibility for reporting these revenue estimates is assumed elsewhere.
A copy of such revenue estimates shall be simultaneously submitted to the economic and revenue forecast work group when required by the office of the economic and revenue forecast council.
Sec. 4. RCW 43.88.160 and 1987 c 505 s 36 and 1987 c 436 s 1 are each reenacted and amended to read as follows:
This section sets forth the major fiscal duties and responsibilities of officers and agencies of the executive branch. The regulations issued by the governor pursuant to this chapter shall provide for a comprehensive, orderly basis for fiscal management and control, including efficient accounting and reporting therefor, for the executive branch of the state government and may include, in addition, such requirements as will generally promote more efficient public management in the state.
(1) Governor; director of financial management. The governor, through the director of financial management, shall devise and supervise a modern and complete accounting system for each agency to the end that all revenues, expenditures, receipts, disbursements, resources, and obligations of the state shall be properly and systematically accounted for. The accounting system shall include the development of accurate, timely records and reports of all financial affairs of the state. The system shall also provide for central accounts in the office of financial management at the level of detail deemed necessary by the director to perform central financial management. The director of financial management shall adopt and periodically update an accounting procedures manual. Any agency maintaining its own accounting and reporting system shall comply with the updated accounting procedures manual and the rules of the director adopted under this chapter. An agency may receive a waiver from complying with this requirement if the waiver is approved by the director. Waivers expire at the end of the fiscal biennium for which they are granted. The director shall forward notice of waivers granted to the appropriate legislative fiscal committees. The director of financial management may require such financial, statistical, and other reports as the director deems necessary from all agencies covering any period.
(2) The director of financial management is responsible for quarterly reporting of primary operating budget drivers such as applicable workloads, caseload estimates, and appropriate unit cost data. These reports shall be transmitted to the legislative fiscal committees or by electronic means to the legislative evaluation and accountability program committee. Quarterly reports shall include actual monthly data and the variance between actual and estimated data to date. The reports shall also include estimates of these items for the remainder of the budget period.
(3) The director of financial management shall report at least annually to the appropriate legislative committees regarding the status of all appropriated capital projects, including transportation projects, showing significant cost overruns or underruns. If funds are shifted from one project to another, the office of financial management shall also reflect this in the annual variance report. Once a project is complete, the report shall provide a final summary showing estimated start and completion dates of each project phase compared to actual dates, estimated costs of each project phase compared to actual costs, and whether or not there are any outstanding liabilities or unsettled claims at the time of completion.
(4) In addition, the director of financial management, as agent of the governor, shall:
(a) Make surveys and analyses of agencies with the object of determining better methods and increased effectiveness in the use of manpower and materials; and the director shall authorize expenditures for employee training to the end that the state may benefit from training facilities made available to state employees;
(b) Report to the governor with regard to duplication of effort or lack of coordination among agencies;
(c) Review any pay and classification plans, and changes thereunder, developed by any agency for their fiscal impact: PROVIDED, That none of the provisions of this subsection shall affect merit systems of personnel management now existing or hereafter established by statute relating to the fixing of qualifications requirements for recruitment, appointment, or promotion of employees of any agency. The director shall advise and confer with agencies including appropriate standing committees of the legislature as may be designated by the speaker of the house and the president of the senate regarding the fiscal impact of such plans and may amend or alter said plans, except that for the following agencies no amendment or alteration of said plans may be made without the approval of the agency concerned: Agencies headed by elective officials;
(d) Fix the number and classes of positions or authorized man years of employment for each agency and during the fiscal period amend the determinations previously fixed by the director except that the director shall not be empowered to fix said number or said classes for the following: Agencies headed by elective officials;
(e) Provide for transfers and repayments between the budget stabilization account and the general fund as directed by appropriation and RCW 43.88.525 through 43.88.540;
(f) Promulgate regulations to effectuate provisions contained in subsections (a) through (e) hereof.
(5) The treasurer shall:
(a) Receive, keep, and disburse all public funds of the state not expressly required by law to be received, kept, and disbursed by some other persons: PROVIDED, That this subsection shall not apply to those public funds of the institutions of higher learning which are not subject to appropriation;
(b) Disburse public funds under the treasurer's supervision or custody by warrant or check;
(c) Keep a correct and current account of all moneys received and disbursed by the treasurer, classified by fund or account;
(d) Perform such other duties as may be required by law or by regulations issued pursuant to this law.
It shall be unlawful for the treasurer to issue any warrant or check for public funds in the treasury except upon forms duly prescribed by the director of financial management. Said forms shall provide for authentication and certification by the agency head or the agency head's designee that the services have been rendered or the materials have been furnished; or, in the case of loans or grants, that the loans or grants are authorized by law; or, in the case of payments for periodic maintenance services to be performed on state owned equipment, that a written contract for such periodic maintenance services is currently in effect and copies thereof are on file with the office of financial management; and the treasurer shall not be liable under the treasurer's surety bond for erroneous or improper payments so made: PROVIDED, That when services are lawfully paid for in advance of full performance by any private individual or business entity other than as provided for by RCW 42.24.035, such individual or entity other than central stores rendering such services shall make a cash deposit or furnish surety bond coverage to the state as shall be fixed in an amount by law, or if not fixed by law, then in such amounts as shall be fixed by the director of the department of general administration but in no case shall such required cash deposit or surety bond be less than an amount which will fully indemnify the state against any and all losses on account of breach of promise to fully perform such services: AND PROVIDED FURTHER, That no payments shall be made in advance for any equipment maintenance services to be performed more than three months after such payment. Any such bond so furnished shall be conditioned that the person, firm or corporation receiving the advance payment will apply it toward performance of the contract. The responsibility for recovery of erroneous or improper payments made under this section shall lie with the agency head or the agency head's designee in accordance with regulations issued pursuant to this chapter. Nothing in this section shall be construed to permit a public body to advance funds to a private service provider pursuant to a grant or loan before services have been rendered or material furnished.
(6) The state auditor shall:
Report to the legislature the results of current post audits that have been
made of the financial transactions of each agency; to this end the auditor may,
in the auditor's discretion, examine the books and accounts of any agency,
official or employee charged with the receipt, custody or safekeeping of public
funds. The current post audit of each agency may include a section on
recommendations to the legislature as provided in (c) of this subsection
(3)(c) of this section)).
(b) Give information to the legislature, whenever required, upon any subject relating to the financial affairs of the state.
(c) Make the auditor's official report on or before the thirty-first of December which precedes the meeting of the legislature. The report shall be for the last complete fiscal period and shall include at least the following:
as to whether agencies, in making expenditures, complied with the laws of this
state: PROVIDED, That nothing in this ((
act shall)) section may
be construed to grant the state auditor the right to perform performance
audits. A performance audit for the purpose of this (( act shall be)) section
is the examination of the effectiveness of the administration, its
efficiency, and its adequacy in terms of the programs of departments or
agencies as previously approved by the legislature. The authority and
responsibility to conduct such an examination shall be vested in the
legislative budget committee as prescribed in RCW 44.28.085 (( as now or
(d) Be empowered to take exception to specific expenditures that have been incurred by any agency or to take exception to other practices related in any way to the agency's financial transactions and to cause such exceptions to be made a matter of public record, including disclosure to the agency concerned and to the director of financial management. It shall be the duty of the director of financial management to cause corrective action to be taken promptly, such action to include, as appropriate, the withholding of funds as provided in RCW 43.88.110.
(e) Promptly report any irregularities to the attorney general.
(7) The legislative budget committee may:
Make post audits of the financial transactions of any agency and management
surveys and program reviews as provided for in RCW 44.28.085 ((
as now or
hereafter amended)). To this end the committee may in its discretion
examine the books, accounts, and other records of any agency, official, or
(b) Give information to the legislature or any legislative committee whenever required upon any subject relating to the performance and management of state agencies.
(c) Make a report to the legislature which shall include at least the following:
(i) Determinations as to the extent to which agencies in making expenditures have complied with the will of the legislature and in this connection, may take exception to specific expenditures or financial practices of any agencies; and
(ii) Such plans as it deems expedient for the support of the state's credit, for lessening expenditures, for promoting frugality and economy in agency affairs and generally for an improved level of fiscal management.
Sec. 5. RCW 47.05.070 and 1983 1st ex.s. c 53 s 31 are each amended to read as follows:
transportation commission shall approve and present to the governor and to the
legislature prior to its convening, a recommended budget for the ensuing ((
fiscal period as well as the comprehensive six-year program and financial
plan required under RCW 44.40.070, 44.40.080, 47.05.030, and 47.05.040.
The (( biennial)) budget shall include details of proposed expenditures,
and performance and public service criteria for construction, maintenance, and
planning activities in consonance with the comprehensive six-year program and
financial plan (( adopted under provisions of RCW 44.40.070 and 47.05.040)).
Sec. 6. RCW 43.88.020 and 1990 c 229 s 4 are each amended to read as follows:
shall)) means a proposed plan of
expenditures for a given period or purpose and the proposed means for financing
"Budget document" ((
shall)) means a formal, written
statement offered by the governor to the legislature, as provided in RCW
"Director of financial management" ((
shall)) means the
official appointed by the governor to serve at the governor's pleasure and to
whom the governor may delegate necessary authority to carry out the governor's
duties as provided in this chapter. The director of financial management shall
be head of the office of financial management which shall be in the office of
shall)) means and includes every
state office, officer, each institution, whether educational, correctional or
other, and every department, division, board and commission, except as
otherwise provided in this chapter.
"Public funds", for purposes of this chapter, ((
all moneys, including cash, checks, bills, notes, drafts, stocks, and
bonds, whether held in trust, for operating purposes, or for capital purposes,
and collected or disbursed under law, whether or not such funds are otherwise
subject to legislative appropriation, including funds maintained outside the
shall)) means the policies, standards,
and requirements, stated in writing, designed to carry out the purposes of this
chapter, as issued by the governor or the governor's designated agent, and
which shall have the force and effect of law.
"Ensuing biennium" ((
shall)) means the fiscal biennium
beginning on July 1st of the same year in which a regular session of the
legislature is held during an odd-numbered year pursuant to Article II, section
12 of the Constitution and which biennium next succeeds the current biennium.
"Dedicated fund" means a fund in the state treasury, or a separate
account or fund in the general fund in the state treasury, that by law is
dedicated, appropriated or set aside for a limited object or purpose; but
"dedicated fund" ((
shall)) does not include a revolving
fund or a trust fund.
(9) "Revolving fund" means a fund in the state treasury, established by law, from which is paid the cost of goods or services furnished to or by a state agency, and which is replenished through charges made for such goods or services or through transfers from other accounts or funds.
(10) "Trust fund" means a fund in the state treasury in which designated persons or classes of persons have a vested beneficial interest or equitable ownership, or which was created or established by a gift, grant, contribution, devise, or bequest that limits the use of the fund to designated objects or purposes.
(11) "Administrative expenses" means expenditures for: (a) Salaries, wages, and related costs of personnel and (b) operations and maintenance including but not limited to costs of supplies, materials, services, and equipment.
(12) "Fiscal year" means the year beginning July 1st and ending the following June 30th.
(13) "Lapse" means the termination of authority to expend an appropriation.
(14) "Legislative fiscal committees" means the legislative budget committee, the legislative evaluation and accountability program committee, the ways and means committees of the senate and house of representatives, and, where appropriate, the legislative transportation committee.
(15) "Fiscal period" means the period for which an appropriation is made as specified within the act making the appropriation.
(16) "Primary budget driver" means the primary determinant of a budget level, other than a price variable, which causes or is associated with the major expenditure of an agency or budget unit within an agency, such as a caseload, enrollment, workload, or population statistic.
(17) "Stabilization account" means the budget stabilization account created under RCW 43.88.525 as an account in the general fund of the state treasury.
(18) "State tax revenue limit" means the limitation created by chapter 43.135 RCW.
(19) "General state revenues" means the revenues defined by Article VIII, section 1(c) of the state Constitution.
(20) "Annual growth rate in real personal income" means the estimated percentage growth in personal income for the state during the current fiscal year, expressed in constant value dollars, as published by the office of financial management or its successor agency.
(21) "Estimated revenues" means estimates of revenue in the most recent official economic and revenue forecast prepared under RCW 82.33.020, and prepared by the office of financial management for those funds, accounts, and sources for which the office of the economic and revenue forecast council does not prepare an official forecast including estimates of revenues to support financial plans under RCW 44.40.070, that are prepared by the office of financial management in consultation with the interagency task force.
(22) "Estimated receipts" means the estimated receipt of cash in the most recent official economic and revenue forecast prepared under RCW 82.33.020, and prepared by the office of financial management for those funds, accounts, and sources for which the office of the economic and revenue forecast council does not prepare an official forecast.
(23) "State budgeting, accounting, and reporting system" means a system that gathers, maintains, and communicates fiscal information. The system links fiscal information beginning with development of agency budget requests through adoption of legislative appropriations to tracking actual receipts and expenditures against approved plans.
(24) "Allotment of appropriation" means the agency's statement of proposed expenditures, the director of financial management's review of that statement, and the placement of the approved statement into the state budgeting, accounting, and reporting system.
(25) "Statement of proposed expenditures" means a plan prepared by each agency that breaks each appropriation out into monthly detail representing the best estimate of how the appropriation will be expended.
(26) "Undesignated fund balance (or deficit)" means unreserved and undesignated current assets or other resources available for expenditure over and above any current liabilities which are expected to be incurred by the close of the fiscal period.
NEW SECTION. Sec. 7. Where there are variances of revenue forecasts between the office of financial management and the interagency revenue task force, for those transportation agencies that are required to develop plans under RCW 44.40.070, the office of financial management shall submit (1) a reconciliation of the differences between the revenue forecasts and (2) the assumptions used by the office of financial management to the legislative transportation committee.