Washington's biennial budget is prepared by the Office of Financial Management and submitted by the governor to the legislature for amendment and approval. The fiscal year runs from 1 July through 30 June.
The 1999–2001 State budget plan had resources totaling $20.7 billion and proposed expenditures of $20.6 billion. The majority of general funds were put towards education, $435 million towards health services, and $200 million to salmon recovery, amongst other initiatives. Total resources for 2001–03 were expected to reach $23 billion, with an expenditure limit of $22 billion. In 2002/03, the Washington's budget deficit was reported to be about $1.12 billion or about 5% of the state budget. Projections in early 2003 for 2003/04 were for a budget deficit ranging from $1.3 billion to $2.87 billion (11.5% to 25.3% of the state budget). Total resources for the 2003-05 biennium were projected at $22.979 billion appropriated to K-12 education (44.1%), higher education (11.6%), social and health services (28.2%), corrections (4.9%), bond retirement (5.5%), government operations (1.7%), natural resources (1.3%) and other, including the legislature and judiciary (2.7%)
The following table from the US Census Bureau contains information on revenues, expenditures, indebtedness, and cash/securities for 2001.
($000) | PERCENT | PER CAPITA | |
Population (thousands, 2001) | 5,993 | (X) | (X) |
Total Revenue | 23,646,114 | 100.00 | 3,945.62 |
General revenue | 22,418,306 | 94.81 | 3,740.75 |
Utility revenue | – | – | – |
Liquor store revenue | 342,556 | 1.45 | 57.16 |
Insurance trust revenue | 885,252 | 3.74 | 147.71 |
Exhibit: Salaries and wages | 4,610,966 | 16.57 | 769.39 |
Total expenditure | 27,824,006 | 100.00 | 4,642.75 |
General expenditure | 23,597,439 | 84.81 | 3,937.50 |
Education | 9,720,289 | 34.93 | 1,621.94 |
Public welfare | 5,509,101 | 19.80 | 919.26 |
Hospitals | 926,711 | 3.33 | 154.63 |
Health | 1,313,199 | 4.72 | 219.12 |
Highways | 1,628,846 | 5.85 | 271.79 |
Police protection | 224,377 | 0.81 | 37.44 |
($000) | PERCENT | PER CAPITA | |
General expenditure (continued) | |||
Correction | 730,116 | 2.62 | 121.83 |
Natural resources | 637,305 | 2.29 | 106.34 |
Parks and recreation | 105,346 | 0.38 | 17.58 |
Government administration | 486,328 | 1.75 | 81.15 |
Interest on general debt | 657,705 | 2.36 | 109.75 |
Other and unallocable | 1,658,116 | 5.96 | 276.68 |
Utility expenditure | 16,229 | 0.06 | 2.71 |
Liquor store expenditure | 310,336 | 1.12 | 51.78 |
Insurance trust expenditure | 3,900,002 | 14.02 | 650.76 |
Debt at end of fiscal year | 12,607,489 | 100.00 | 2,103.70 |
Cash and security holdings | 63,720,710 | 100.00 | 10,632.52 |