WSR 17-17-007
OFFICE OF
FINANCIAL MANAGEMENT
[Filed August 3, 2017, 3:49 p.m.]
Notice of Substantial Development Dollar Threshold Adjustment
In accordance with RCW
90.58.030 (3)(e), the office of financial management (OFM) shall adjust the "substantial development" dollar threshold defined in the Shoreline Management Act every five years beginning July 1, 2007. The new dollar threshold shall be transmitted to the office of the code reviser for publication in the Washington State Register at least one month before the new threshold takes effect.
RCW
90.58.030 (3)(e), a part of the Shoreline Management Act, defines a substantial development to include any development with a fair market value exceeding five thousand dollars. The statute requires OFM to adjust this dollar threshold for inflation every five years. The adjustment is to be based on changes in the consumer price index for the urban areas of Seattle, Washington, during that five-year period. The new dollar threshold shall be published in the state register at least one month before the new dollar threshold takes effect.
In accordance with these requirements, OFM submits for publication the new dollar threshold of seven thousand forty-seven dollars ($7,047). The new dollar threshold takes effect September 2, 2017.
The new threshold was calculated as follows: Over the five-year period from June 2012 to June 2017, the consumer price index for urban wage earners and clerical workers for the Seattle-Tacoma-Bremerton, Washington, area as reported by the Bureau of Labor Statistics, United States Department of Labor, increased by 9.8 percent. This percentage applied to the prior threshold of six thousand four hundred sixteen dollars ($6,416) results in an updated threshold of seven thousand forty-seven dollars ($7,047).
If you have any questions or need further information, contact Robert Baker at 360-902-0605 or email Bob.Baker@ofm.wa.gov.