The programs and agencies of state government are funded on a two-year basis, with each fiscal biennium beginning on July 1st of odd-numbered years. The capital budget generally includes appropriations for acquiring, constructing, and repairing capital assets such as land, buildings, and other infrastructure improvements. Funding for the capital budget is primarily from state general obligation bonds, with other funding derived from various dedicated taxes, fees, and state trust land revenues.
The 2021-23 Capital Budget authorizes new appropriations totaling $6.3 billion, of which $3.9 billion is financed through new general obligation bond proceeds. The 2021-23 Capital Budget includes reappropriations of $4.47 billion for capital projects authorized in prior biennia. State agencies are authorized to enter into alternative financing contracts totaling $255 million.
Supporting documents prepared by the staff of the Senate Ways & Means Committee may be found at http://leap.leg.wa.gov/leap/budget/detail/2021/sc2123Bien.asp.