Washington State Director Memo Estimates $1 Billion Deficit In Liability Account

( July 23, 2025, 3:39 PM EDT) -- OLYMPIA, Wash. — The director of the Washington state Office of Financial Management issued a memo authorizing a temporary cash deficiency in the state’s liability account, an account that according to the office’s website has the purpose “to pay legal liabilities of the state resulting from tortious conduct, promote risk control through a cost allocation system which recognizes agency loss experience, levels of self-retention, and levels of risk exposure and establish an actuarially sound system to pay incurred losses, within defined limits.”...