Washington Priority of Proposed Operations

State:
Multi-State
Control #:
US-OG-1091
Format:
Word; 
Rich Text
Instant download

Description

This form is a priority of proposed operations.

How to fill out Priority Of Proposed Operations?

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FAQ

Between our robust rainy-day fund and other money in reserve, there is more than enough to cover all of state government's required expenses. The surplus should still be around $4.5 billion even after factoring in the higher costs of maintaining state services and programs for the next two years.

The budget is based on a revenue forecast of $66.2 billion for the next biennium, including $32.4 billion in fiscal 2024 ? a 0.2 percent annual decline from the fiscal 2023 estimate.

Washington's current budget Washington enacted its FY 2022-2023 biennial budget in May 2021. The enacted budget included $59.2 billion for general fund spending and $122.7 billion in total spending over the two-year period.

The enacted budget was based on a March 2023 revenue forecast of $65.7 billion; the June forecast was revised upward to $66.0 billion for the biennium. The June estimate includes $32.5 billion for fiscal 2024 (a 1.6 percent annual decrease) and $33.5 billion for fiscal 2025 (a 3.2 percent annual increase).

Washington only has $62.9 billion of assets available to pay bills totaling $72.2 billion. Because Washington doesn't have enough money to pay its bills, it has a -$9.2 billion financial hole. To fill it, each Washington taxpayer would have to send -$3,200 to the state.

The state fiscal year runs from July 1 through June 30 of the following year, and is named for the calendar year in which it ends (e.g., July 1, 2023 through June 30, 2024 is state Fiscal Year 2024).

OLYMPIA ? Washington's projected Near General Fund revenue collections for the 2023?25 state budget have increased by $191 million to around $66.9 billion ? about a 0.3% increase from the September 2023 projection, ing to estimates released today by the Washington State Economic and Revenue Forecast Council.

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Washington Priority of Proposed Operations