BILL REQ. #: H-4227.1

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SUBSTITUTE HOUSE BILL 2607
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State of Washington

62nd Legislature

2012 Regular Session

By House Ways & Means (originally sponsored by Representatives Alexander, Hunter, Dammeier, Bailey, Parker, Angel, Kristiansen, Ross, Warnick, Seaquist, Haler, Finn, Rivers, Kelley, Dahlquist, Carlyle, Harris, Taylor, Buys, Wilcox, McCune, Orcutt, Zeiger, and Shea)

READ FIRST TIME 02/07/12.

AN ACT Relating to requiring a six-year budget outlook tied to existing revenues; and adding a new section to chapter 43.88 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   A new section is added to chapter 43.88 RCW to read as follows:
     (1) When the governor submits his or her operating budget documents to the legislature as provided in RCW 43.88.030 and 43.88.060, the office of financial management shall simultaneously publish a six-year outlook that is based on the governor's budget documents. The six-year period covered by the outlook is the current biennium and two subsequent biennia. The revenue and caseload projections used in the outlook must be based on the most recent official forecasts adopted by the economic and revenue forecast council and the caseload forecast council for the years for which those forecasts are available, adjusted by the office of financial management for policy changes made in the governor's budget documents. The outlook shall clearly state the assumptions used in the baseline expenditure estimates and any adjustments made to those estimates. The outlook shall clearly state the assumptions used in the baseline revenue estimates and any adjustments to those estimates. The outlook must include the impact of previously enacted legislation or proposed legislation with a future effective date, adjusted by the office of financial management for policy changes made in the governor's budget documents.
     (2) After enactment of a biennial or supplemental operating budget, the office of financial management shall update the outlook to reflect the enacted budget.
     (3) Quarterly, after the economic and revenue forecast council adopts a new revenue forecast, the office of financial management shall update the outlook required in subsection (2) of this section to reflect the new revenue forecast.
     (4) An outlook prepared under subsections (2) and (3) of this section, for biennia in which a budget is not yet enacted, must include the impact of enacted legislation with a future effective date.

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