(WA) Revenue forecast exceeds original I-601 spending limits

Evergreen Freedom Foundation ^ | 6-16-05 | Jason Mercier

[truth49]

Revenue forecast exceeds original I-601 spending limits

OLYMPIA—It was announced today that forecasted revenue for the 2003-05 and 2005-07 biennia is projected to increase by $815 million. This does not include $313 million of the tax increases approved by the legislature last session and dedicated off budget to fund I-728 (class size reduction) and I-732 (teacher salary increase). The $815 million revenue increase means that for both biennia, forecasted revenue exceeds the original I-601 spending limits adopted by the state expenditure limit committee last November. Expenditures, however, exceed forecasted revenue for both biennia.

Budget Outlook

(All dollars in millions)

	2003-05	2005-07
Adopted I-601 limit	$23,476	$25,107
Forecasted revenue	$23,547	$25,385*
Expenditures	$23,672	$25,952**

*Does not include $313 million in tax increases dedicated off budget

** Does not include expenditures from education legacy trust fund (I-728 and I-732)

“The state would now have a sustainable budget had legislators not resorted to budget gimmicks to artificially increase the voter approved spending limit and instead prioritized spending within forecasted revenue,” said Jason Mercier, budget analyst for the Evergreen Freedom Foundation. “Even with this good economic news, the fact remains lawmakers continue to spend faster than the taxpayers can grow the economy.”

[Not A Snowbird]

Cool. Where's my refund?

[truth49]

We wish!

[Not A Snowbird]

No joke. Olympia will find something new and exciting to spend it on.

[irishtenor]

Where's the "emergency clause"? Anything about the budget in Washington must have an "emergency clause" included so that the TAXPAYERS can't issue a referendum.