HB 3121-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Establishes a state expenditure limit committee for the purpose of determining and adjusting the state expenditure limit as provided in chapter 43.135 RCW.  The members of the state expenditure limit committee are the director of financial management, the state treasurer, and the chairs of the senate committee on ways and means and the house of representatives committee on appropriations.  All actions of the state expenditure limit committee taken pursuant to this act require an affirmative vote of at least three members.

     Provides that, if, by November 30th, the state expenditure limit committee has not adopted the expenditure limit adjustment and projected expenditure limit as provided in this act, the treasurer shall adjust or project the expenditure limit, as necessary.

     Declares that, for the purposes of this act, a transfer of money from the state general fund to another fund or account includes any state legislative action taken after July 1, 2000, that has the effect of reducing revenues from a particular source, where such revenues would otherwise be deposited into the state general fund, while increasing the revenues from that particular source to another state or local government account.

     Declares that if the cost of any state program or function is shifted to the state general fund on or after January 1, 2000,  from another source of funding, or if moneys are transferred to the state general fund from another fund or account, the state expenditure limit committee, acting pursuant to RCW 43.135.025(5), shall increase the state expenditure limit to reflect the shift.