BillTracker

Ensuring compliance with the state's fiduciary duty in managing state trust lands (Braun, Rivers, Wilson)

Requires the department of natural resources to: (1) Endeavor to generate an average of two hundred thirty million dollars from state lands and state forestlands each year; (2) Evaluate its lands portfolio and revenue streams, management practices, and transaction processes, and develop options and recommendations to promote achievement of this goal; (3) Seek to account for the volatility of forest product markets and consider ways to mitigate the impact of market downturns on its revenues; and (4) Annually adjust the two hundred thirty million dollar goal for inflation, however, it may not count trust land transfer funds towards the goal. Requires the joint legislative audit and review committee to develop methods or tools to estimate the current asset value of state lands and forestlands.

EFFECT OF CHANGES MADE BY 1ST SUBSTITUTE
(1) Removes a portion of legislative intent and findings language. (2) Shifts the date of the DNR study on state upland management practices and processes from September 1 to December 1, 2018, and specifies its purpose as ensuring the state’s fiduciary duty is being met and increasing the amount and stability of uplands revenue. (3) Establishes a DNR evaluation of use authorizations and leases for industrial and commercial uses on state-owned aquatic lands. The evaluation must include information such as: a summary of terms and authorized uses; revenue information; and a summary of certain inspection and compliance records and requirements.


EFFECT OF CHANGES MADE BY 2ND SUBSTITUTE (Ways & Means)
(1) Makes the direction to the JLARC subject to the availability of appropriations for the purposes specified.

Hearing Date: Monday, February 05, 2018 -- 10:00 am

WA State Legislature Link:
http://app.leg.wa.gov/billsummary?BillNumber=6539&Year=2018    (opens a new browser tab)