2007 Senate Joint Resolution 8206 (Creating the budget stabilization account in the state Constitution.)

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Introduced by Sen. Lisa Brown, (D-Spokane) (D) on January 10, 2007, to create the budget stabilization account. This would be a constitutionally-protected rainy day account. Each year, 1% of general state revues would be automatically deposited into the account. Money can only be appropriated by the Legislature if the Governor declares an emergency and immediate action is required, if there is an economic downturn, or at anytime a three-fifths majority of each chamber approves of the appropriation.
- Referred to the Senate Ways & Means Committee on January 10, 2007.
  - Substitute offered to the Senate Ways & Means Committee on February 8, 2007, to allow monies to be appropriated from the Budget Stabilization Account by a majority vote of each house of the Legislature if: (1) forecasted state employment growth for any fiscal year is less than 1 percent; or (2) the Governor declares an emergency resulting from a catastrophic event that requires immediate government action to protect life or public safety.
  - The substitute passed in the Senate by voice vote on February 21, 2007.
- Referred to the Senate Rules Committee on February 8, 2007.
- Amendment offered by Sen. Joseph Zarelli, (R-Ridgefield) (R) on February 21, 2007, to allow the legislature to permit the Budget Stabilization Account to accumulate a balance in excess of ten percent of general state revenues. Deposits from the Budget Stabilization Account to the Education Construction Fund are subject to legislative appropriation.
- The amendment passed in the Senate by voice vote on February 21, 2007.
Passed in the Senate (45 to 3) on February 21, 2007. [Vote Details and Comments]
Received in the House on February 23, 2007.
- Referred to the House Appropriations Committee on February 23, 2007.
Passed in the House (74 to 23) on April 20, 2007. [Vote Details and Comments]

Most Recent Comments

1) Yes, taxes can be raised. [by Anonymous on November 5, 2007]
This resolution doesn't actually say taxes are being raised. If you don't like a future tax, vote against it. In the mean time, don't you think there should be money set aside for lean times?

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2) But... [by Anonymous on November 2, 2007]
Yes, it is responsible for individuals and government to save for a 'rainy day'. I personally take a bit of my paycheck every month and put it into savings for that very reason... however; I don't force my employer to pay me more so that I can afford to save. I use the money I already make wisely so that a portion is left to save. The government should already be doing this and shouldn't need more of our money so that they can be 'responsible'.
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3) It is what you do at home, isn't it? [by Anonymous on November 1, 2007]
It is generally considered to be smart budgeting to put money aside in good years that you can tap into if a catastrophe (personal level - accident or unemployment, State level - Mt. St. Helens, serious economic downturn) occurs.

If we pay into it in good years, we don't get tapped for it when we can least afford it (or have the state borrow it and pass it on to our children). It's just a fiscally responsible way of handling our money.
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