WSR 12-16-035

OFFICE OF

FINANCIAL MANAGEMENT

[ Filed July 26, 2012, 11:55 a.m. ]

In accordance with RCW 90.58.030 (3)(e), the office of financial management (OFM) shall adjust the "substantial development" dollar threshold defined in the Shoreline Management Act every five years beginning July 1, 2007. The new dollar threshold shall be transmitted to the office of the code reviser for publication in the Washington State Register at least one month before the new threshold takes effect.



Notice of Substantial Development Dollar Threshold


RCW 90.58.030 (3)(e), a part of the Shoreline Management Act, defines a substantial development to include any development with a fair market value exceeding five thousand dollars. The statute requires OFM to adjust this dollar threshold for inflation every five years. The adjustment is to be based on changes in the consumer price index for the urban areas of Seattle, Washington, during that five-year period. The new dollar threshold shall be published in the state register at least one month before the new dollar threshold takes effect.

In accordance with these requirements, OFM submits for publication the new dollar threshold of six thousand four hundred sixteen dollars. The new dollar threshold takes effect September 15, 2012.

The new threshold was calculated as follows. Over the five-year period from June 2007 to June 2012, the consumer price index for urban wage earners and clerical workers for the Seattle-Tacoma-Bremerton, Washington, area as reported by the Bureau of Labor Statistics, United States Department of Labor, increased by 12.2 percent. This percentage applied to the prior threshold of five thousand seven hundred eighteen dollars results in an updated threshold of six thousand four hundred sixteen dollars.

If you have any questions or need further information, contact Jim Schmidt at (360) 902-0595.

Sandi Stewart

Rules Coordinator

Washington State Code Reviser's Office