Washington operates on a biennial budget cycle.  The Legislature authorizes expenditures for capital needs in the State Omnibus Capital Appropriations Act (Capital Budget) for a two-year period, and it authorizes bond sales through passage of a bond bill associated with the Capital Budget to fund a portion of these expenditures.  Historically, over 50 percent of the Capital Budget was financed by 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 is often passed during the even-numbered years.  The 2023-25 Capital Budget covers the period from July 1, 2023, through June 30, 2025.

The Capital Budget includes appropriations for the acquisition, construction, and repair of capital assets such as state office buildings, prisons, juvenile rehabilitation centers, residential habilitation centers, mental health facilities, military readiness centers, and higher education facilities.  The Capital Budget also funds a variety of environmental and natural resource projects, parks and recreational facilities, public kindergarten through grade 12 school construction, and grant and loan programs that support housing, public infrastructure, community service facilities, and art and historical projects.

The 2023-25 Capital Budget authorizes new appropriations totaling $8.9 billion, of which $4.8 billion is financed through new general obligation bond proceeds.  The 2023 Supplemental Capital Budget increases total funding in the 2021-23 fiscal biennium by $18.9 million, but reduces appropriations funded with bonds by $103 million.
 
The original bill is the Governor's Capital Budget proposal for the 2023-25 biennium and the 2023 Supplemental Budget for the 2023-25 biennium.  Supporting documents prepared by the Office of Financial Management may be found at  https://www.ofm.wa.gov/budget/state-budgets.