State Treasurer
State of Washington
Office of the Treasurer
For immediate release: June 30, 1999
For more information: Barton
Potter (360) 902-9033
Rainy Day Fund Tops $500 Million
OLYMPIA—On June 30,1999, the Office of the State Treasurer transferred $127 million for the quarter ending June 30, 1999, to the Emergency Reserve Account (Fund 04N), bringing the total to $534 million.Due to a recent legislative change that becomes law July 1, 1999, the State Investment Board will now be responsible for the investment of these monies.
For the quarter ending June 30, 1999, the estimated cash revenue for FY 1999 was $10,044.5 million, based on the official June 1999 economic forecast approved by the Economic and Revenue Forecast Council. The expenditure limit for FY 1999 was $9,826.0 million, based on the June 25, 1999, revised memorandum released by the Office of Financial Management. The revenue forecast exceeded the expenditure limit by $218.5 million. Therefore, the fourth quarter’s pro-rated share is $127,450,000 and was calculated as follows:
| FY 1999 Fourth Quarter Transfer Calculation | $ | 218,500,000.00 | ||
| Less: | FY 1999 First Quarter Transfer | 12,675,000.00 | ||
| FY 1999 Second Quarter Transfer | 17,475,000.00 | |||
| FY 1999 Third Quarter Transfer | |
60,900,000.00 |
||
| FY 1999 Fourth Quarter Transfer | $ |
127,450,000.00 |
||
The following is a breakdown of the balance in the Emergency Reserve Account as of June 30, 1999:
| FY 1998 Total Transfer | $ | 296,000,000.00 | |
| FY 1999 Total Transfer | 218,500,000.00 | ||
| Interest Credited to the Account | |
19,727,466.34 |
|
| Cash Balance June 30, 1999 | $ |
534,227,466.34 |
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