Rep. Norma Smith issues statement on passage of capital budget
The Washington State House of Representatives today passed a package of capital budget bills that fund projects through cash accounts, bonds and sets a statutory debt limit over time. Capital Budget Committee member Rep. Norma Smith, R-Clinton, issued the following statement:
“I am very supportive of the capital ‘construction’ budget package we were able to pass. First, it takes a holistic look at our debt issue and takes an important step toward lowering our debt limit permanently. Many of us have serious concerns regarding the consequences of burgeoning government debt at all levels – local, state and federal governments. The debt reduction legislation lowers our debt limit in statute and will give us a measure of accountability until the state debt study is completed.
“The construction portion of the budget is reasonable, thoughtful and conservative. We stayed significantly under our debt ceiling and focused on priorities. It provides infrastructure for K-12 education, higher education, correction facilities and provides maintenance and repair where it is needed most. This capital budget package protects our investments in the state’s infrastructure.”
House Bill 1497 includes projects funded by cash accounts in the capital budget. It passed the House 94-0.
House Bill 2020 includes bond authorization and projects funded by those bonds, paid out over 25 years. It passed the House 84-10.
Senate Bill 5181 sets a statutory debt limit reduction from 8.75 percent to 7.75 percent by 2020. It passed the House 79-14.
