| Washington State House of Representatives Office of Program Research |
BILL ANALYSIS |
| Appropriations Committee | |
SSB 5085
This analysis was prepared by non-partisan legislative staff for the use of legislative members in
their deliberations. This analysis is not a part of the legislation nor does it constitute a
statement of legislative intent.
Brief Description: Providing that transportation accounts receive one hundred percent of their proportionate share of earnings.
Sponsors: Senate Committee on Transportation (originally sponsored by Senators Haugen, Swecker and Murray).
Brief Summary of Substitute Bill |
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Hearing Date: 4/16/07
Staff: Owen Rowe (786-7391).
Background:
Accounts established in the State Treasury earn interest income based on the average daily
balance of the account. Some accounts retain 100 percent of the interest income they generate
and are subject to the State Treasurer's service fee. The State Treasurer's service fee is
established by the State Treasurer and allocated uniformly across all subject accounts. Revenue
generated by the State Treasurer's service fee funds the operation and administration of the State
Treasurer's office. Historically, revenue generated by the State Treasurer's service fee in excess
of the amounts necessary to fund the State Treasury's operating costs have been transferred to the
General Fund-State. Certain other accounts retain 80 percent of the interest income they generate
with the remaining 20 percent being credited to the General Fund-State.
Summary of Bill:
Transportation accounts that currently retain only 80 percent of the interest income they generate
will instead retain 100 percent of the interest income they generate and will be subject to the
State Treasurer's service fee.
Appropriation: None.
Fiscal Note: Available.
Effective Date: The bill takes effect 90 days after adjournment of session in which bill is passed.