Finds that there should be a thorough review of the funding and management of state aquatic lands to determine the proper funding source and levels necessary to properly manage those resources.

Directs the joint legislative audit and review committee to, consistent with chapter 44.28 RCW: (1) Conduct a performance audit of the department of natural resources' aquatic resources program to determine the success of the department in meeting the objectives established in statute for managing aquatic lands;

(2) Review management policies to determine if decisions to generate revenues to support the aquatics program are consistent with policies established in statute for managing aquatic lands;

(3) Review the percentage of revenues retained by the department of natural resources from the resource management cost account and the aquatic lands enhancement account for the aquatics program to determine if the percentages are appropriate to support the program; and

(4) Make recommendations on whether the use of nonagency generated revenues, such as the state general fund, would provide a better funding mechanism for the management of state-owned aquatic lands.

Provides that the final performance audit and recommendations required by this act must be completed by December 15, 2007.