Negotiators have agreed to a transportation budget, about $17 billion over 16 years. The Washington Research Council provides some detail:
The transportation package that was proposed in February would have increased transportation revenues by $16.801 billion over 16 years. That included $2.053 billion in revenues from a new tax on exported fuel. The exported fuel tax provision was later stripped by the House.
The conference report for the transportation budget would increase revenues by $16.988 billion over 16 years. To partially make up the lost exported fuel tax revenue, the conference report for the transportation budget would transfer $57 million a year (FY 2024 through 2038) from the public works assistance account (PWAA) to the move ahead WA account and another $57 million a year (FY 2024 through 2038) from the general fund–state (GFS) to the move ahead WA flexible account. Together, these transfers would total $1.710 billion through 2038.
More at the WRC link.
The Seattle Times reports,
If the package makes it to Inslee for his signature, it would be the fourth major transportation budget measure in Washington in the last 20 years. But while the previous three were passed with bipartisan support in odd years, when the Legislature is in session for longer, this year’s was a largely Democratic effort. Rather than raise taxes on gas, as previous measures have done, Democrats are leaning on money from a new carbon pricing system in the state, federal investment and the flush general fund.
The bill would make major investments in new or ongoing highway projects, including the Interstate 5 crossing into Oregon, Highway 520 into Seattle, Highway 18 and more. Road maintenance, bike and pedestrian infrastructure, fish culverts, the ferry system and transit service would also see significant windfalls.
Next up, the operating budget.