SENATE BILL REPORT

ESB 6074

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.

As Passed Senate, April 11, 2012

Title: An act relating to funding capital projects.

Brief Description: Funding capital projects.

Sponsors: Senators Kilmer, Parlette and Shin; by request of Governor Gregoire.

Committee Activity: Ways & Means: 1/23/12, 2/28/12, 4/06/12.

Second Special Session: Passed Senate: 4/11/12, 44-1.

SENATE COMMITTEE ON WAYS & MEANS

Staff: Brian Sims (786-7431)

Background: Washington State operates on a biennial budget cycle. The Legislature authorizes expenditures for capital needs in the capital budget for a two-year period, and authorizes bond sales through passage of a bond bill associated with the capital budget to fund a portion of these expenditures. Approximately one-half of the capital budget is financed by these state-issued general obligation bonds; and the balance is funded by dedicated accounts, trust revenue, and federal funding sources. The primary two-year budget is passed in the odd-numbered years, and a supplemental budget making adjustments to the two-year budget often is passed during the even-numbered years. The current capital budget covers the period from July 1, 2011, through June 30, 2013.

Summary of Engrossed Bill: Supplemental capital budget appropriations of $378.1 million are made for the 2011-13 biennium, including all appropriation increases and decreases. State agencies are authorized to enter into alternative financing contracts for projects totaling $189.8 million.

Appropriation: Net changes of $290 million including alternative financing authorizations

Fiscal Note: Not requested.

Committee/Commission/Task Force Created: No.

Effective Date: The bill contains an emergency clause and takes effect immediately.