Today's editorial in the Seattle Times rightly urges the Legislature to bank the windfall revenues from the recent revenue forecast. But they too quickly dismiss the benefits of a constitutional rainy day fund.
That's right, save it for a rainy day, though it doesn't necessarily have to be stored in the proposed official rainy-day account. It can be added to the ending fund balance, but it should not be spent.
Sticking it into the ending fund balance, while slightly better than appropriating it now, provides little protection for a rainy day. We've seen big surpluses disappear quickly. Like they're disappearing now.
