SENATE BILL REPORT
SB 5392
As of February 24, 2025
Title: An act relating to budget stabilization account transfers.
Brief Description: Concerning budget stabilization account transfers.
Sponsors: Senators Robinson and Nobles; by request of Office of Financial Management.
Brief History:
Committee Activity: Ways & Means: 2/26/25.
Brief Summary of Bill
  • Directs a transfer of $1.6325 billion from the Budget Stabilization Account to the State General Fund by June 15, 2026, with the amount repaid into the Budget Stabilization Account in two increments in 2028 and 2029.
SENATE COMMITTEE ON WAYS & MEANS
Staff: Samuel Brown (786-7470)
Background:

In 2007, the voters ratified a constitutional amendment that created the Budget Stabilization Account (BSA) as Article VII, section 12 of the Washington State Constitution.  Funds must be transferred into the BSA each year equal to 1 percent of general state revenues.  Under certain conditions, additional transfers are required.  

 

Funds may be appropriated from the BSA only by a three-fifths vote of both houses unless:  (1) the estimated employment growth in any fiscal year is less than 1 percent, or (2) for declared disasters, and then only limited to that disaster. 
Summary of Bill:

The state treasurer must make the following transfers:

  • by June 15, 2026, $1.6325 billion from the Budget Stabilization Account to the State General Fund; and
  • by June 30, 2028, and June 30, 2029, one transfer each of $816.25 million from the State General Fund to the Budget Stabilization Account.
Appropriation: The bill contains an appropriation totaling $1.6325 billion from the Budget Stabilization Account.
Fiscal Note: Requested on February 24, 2025.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.