For immediate release:  December 30, 1999
For more information:  Barton Potter (360) 902-9033

State Treasurer releases $52.75 million to rainy day fund

Pursuant to Chapter 288, Laws of 1999, the State Investment Board is authorized to invest the Emergency Reserve Fund effective July 1, 1999.

For the quarter ending Dec. 30, 1999, the estimated cash revenue for FY 2000 is $10.275 billion, based on the official November 1999 economic forecast approved by the Economic and Revenue Forecast Council.  The expenditure limit for FY 2000 is $10.17 billion, based on the Nov. 29, 1999, notification by the Office of Financial Management.  The revenue forecast exceeds the expenditure limit by $105.5 million.  Therefore, the second quarter transfer is calculated as follows:

FY 2000 second quarter transfer calculation (50% of $105,500,000)		$	52,750,000
Less:  FY 2000 first quarter transfer			0
FY 2000 Second Quarter Transfer		$	52,750,000

The following is a breakdown of the balance in the Emergency Reserve Fund as of Nov. 30, 1999:

FY 1998 total transfer		$	296,000,000
FY 1999 total transfer			218,500,000
Earnings and market valuation adjustments through 11/99			30,910,806
Emergency Reserve Fund 11/30/99		$	545,410,806

The second quarter transfer of $52,750,000 is an addition to the Nov. 30 balance.

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