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14B Budget Stabilization Account

Account code: 14B
Account title: Budget Stabilization Account
Administering agency: 1050 - Office of Financial Management
Fund type: AA - General Fund
Roll-up fund: AC - Administrative Accts in the General Fund
Cash type: 1 - Treasury Fund
SAAM budget type: Appropriated (A)
Interest earning authority: 43.84.092
Authority: RCW 43.79.490
Closing GL Code: 9250
Description: Moneys may 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 government action to protect life or public safety. Other withdrawals from the Budget Stabilization Account may be made only by a three-fifths vote of the Legislature. (If ratified by the voters.)
Sources of revenue: One percent of general state revenues, Investment income
Clientele: General public.
Effective date: 7/22/2007
Inactive date: