Framework for Prosperity provides a comprehensive vision of systemic changes

The next few months will be a crucial time for our state and the long-term decisions we make now will have an impact for years to come. 

As the 2011 Legislative Session is now at the half-way point, we are releasing Framework for Prosperity, which is our vision to ensure long-term state growth.

The Framework has three major components:

• Our Vision for Progress –  uses the Progress Index, which outlines a long-term vision for the state budget based on values such as Education and Opportunity, Economic Security, Thriving Communities, and Healthy People and Environment. The Progress Index is a powerful tool to track recent investments and cuts, while illustrating the impact to our communities;

• Measuring Our Progress – makes the case for reform of tax expenditures, while enhancing transparency and performance evaluation in other areas of the budget; and

• Securing Our Fiscal Future - advocates for the need to act now to broaden our revenue base and strengthen our rainy day fund (RDF).

The work includes a major paper, Strengthening Washington’s Rainy Day Fund. Our current budget stabilization account was enacted in 2007, and was an important first step in securing long-term investments in essential public services.

However, in its current form the rainy day fund does not adequately support education, health care, and other important priorities during times of need.

The paper calls for major reforms:

1). Improve the adequacy of the rainy day fund by increasing annual deposits

2). Foster improved access and accountability by eliminating the supermajority requirement and applying strict limitations

3). Ensure the rainy day fund does not hinder recovery efforts by modifying deposit requirements

Taken together, the components of Framework for Prosperity, including the Progress Index and changes to the rainy day fund, will help our state recover from the Great Recession and bolster our state’s long-term growth.