BILL REQ. #: H-0158.1
State of Washington | 62nd Legislature | 2011 Regular Session |
Read first time 01/20/11. Referred to Committee on Ways & Means.
BE IT RESOLVED, BY THE SENATE AND HOUSE OF REPRESENTATIVES OF THE
STATE OF WASHINGTON, IN LEGISLATIVE SESSION ASSEMBLED:
THAT, At the next general election to be held in this state the
secretary of state shall submit to the qualified voters of the state
for their approval and ratification, or rejection, an amendment to
Article VII, section 12 of the Constitution of the state of Washington
to read as follows:
Article VII, section 12. (a) A budget stabilization account shall
be established and maintained in the state treasury.
(b)(1) By June 30th of each fiscal year, an amount equal to one
percent of the general state revenues for that fiscal year shall be
transferred to the budget stabilization account. Nothing in this
subsection (b) shall prevent the appropriation of additional amounts to
the budget stabilization account.
(2) By June 30th of the second year of each biennium, any
extraordinary revenue growth shall be transferred to the budget
stabilization account. "Extraordinary revenue growth" means the amount
by which the growth in general state revenues for that biennium exceeds
by one-third the average biennial percentage growth in general state
revenues over the prior five biennia. In making this determination,
the comparability of data shall be maintained by adjusting historical
general state revenues to reflect statutory changes that affect the
calculation of general state revenues. The transfer under this
subsection shall be made only to the extent that it exceeds the total
transfers under (1) of this subsection for that fiscal biennium.
(c) Each fiscal quarter, the state economic and revenue forecast
council appointed and authorized as provided by statute, or successor
entity, shall estimate state employment growth for the current and next
two fiscal years.
(d) Moneys may be withdrawn and appropriated from the budget
stabilization account as follows:
(i) If the governor declares a state of emergency resulting from a
catastrophic event that necessitates government action to protect life
or public safety, then for that fiscal year moneys may be withdrawn and
appropriated from the budget stabilization account, via separate
legislation setting forth the nature of the emergency and containing an
appropriation limited to the above-authorized purposes as contained in
the declaration, by a favorable vote of a majority of the members
elected to each house of the legislature.
(ii) If the employment growth forecast for any fiscal year is
estimated to be less than one percent, then for that fiscal year moneys
may be withdrawn and appropriated from the budget stabilization account
by the favorable vote of a majority of the members elected to each
house of the legislature.
(iii) Any amount may be withdrawn and appropriated from the budget
stabilization account at any time by the favorable vote of at least
three-fifths of the members of each house of the legislature.
(e) Amounts in the budget stabilization account may be invested as
provided by law and retained in that account. When the balance in the
budget stabilization account, including investment earnings, equals
more than ten percent of the estimated general state revenues in that
fiscal year, the legislature by the favorable vote of a majority of the
members elected to each house of the legislature may withdraw and
appropriate the balance to the extent that the balance exceeds ten
percent of the estimated general state revenues. Appropriations under
this subsection (e) may be made solely for deposit to the education
construction fund.
(f) As used in this section, "general state revenues" has the
meaning set forth in Article VIII, section 1 of the Constitution.
Forecasts and estimates shall be made by the state economic and revenue
forecast council appointed and authorized as provided by statute, or
successor entity.
(g) The legislature shall enact appropriate laws to carry out the
purposes of this section.
(h) This section takes effect July 1, 2008.
BE IT FURTHER RESOLVED, That the secretary of state shall cause
notice of this constitutional amendment to be published at least four
times during the four weeks next preceding the election in every legal
newspaper in the state.