State Treasurer
State of Washington
Office of the Treasurer
For immediate release: June 30, 2000
For more information: Barton
Potter (360) 902-9033
State Treasurer releases $88.575 million to rainy day fund
OLYMPIA—The Office of the State Treasurer today transferred $88.575 million from the General Fund to the Emergency Reserve Fund (Fund 04N) for the quarter ended June 30, 2000.The estimated cash revenue for FY 2000 is $10,425,800,000 based on the official June 2000 economic forecast. The expenditure limit for FY 2000 is $10,236,500,000, based on the June 14, 2000, determination by the Office of Financial Management. The revenue forecast exceeds the expenditure limit by $189.3 million. Therefore, the fourth quarter transfer is calculated as follows:
| FY 2000 Fourth Quarter Transfer Calculation | $ | 189,300,000.00 | |
| Less: FY 2000 First, Second, and Third Qtr. Transfers | |
100,725,000.00 |
|
| FY 1999 Fourth Quarter Transfer | $ |
88,575,000.00 |
The following is a breakdown of the balance in the Emergency Reserve Fund as of May 31, 2000:
| FY 1998 Total Transfer | $ | 296,000,000.00 | |
| FY 1999 Total Transfer | 218,500,000.00 | ||
| FY 2000 Transfer Through 5/00 | 100,725,000.00 | ||
| Earnings and Market Valuation Adjustments Through 05/2000 | |
46,802,700 |
|
| Emergency Reserve Fund 05/31/2000 | $ |
662,027,700 |
The fourth quarter transfer of $88.575 million is an addition to the May 31 balance. The Emergency Reserve Fund balance after the June 30 transfer (excluding June 2000 earnings and market valuation adjustments) will be $ 750,602,700.
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FAX (360) 902-9044 • Home Page http://tre.wa.gov/