David Schumacher, budget director for Gov. Jay Inslee since January 2013, is leaving in the fall of 2024 for a new post with the Washington State Investment Board. (Courtesy of Office of Financial Management)
David Schumacher, who has guided the writing of Gov. Jay Inslee’s budget proposals the past 12 years, will depart this fall as the finishing touches are put on the outgoing chief executive’s final spending plan.
Schumacher, director of the Office of Financial Management since January 2013, will become the government and public affairs director for the Washington State Investment Board. It’s a newly created post for the investment board which manages $203 billion in state retirement funds and other public trust accounts.
“David is coming on board because the WSIB is facing a more complex political and regulatory landscape,” wrote James Aber, institutional relations director for the board, in an email. “He will be focused on engagement rather than advocacy, serving as a resource for legislators and government officials, answering their questions and articulating the agency’s investment approach.”
He’ll also be responsible for monitoring and managing any legal or regulatory developments that might impact the state investment board, Aber said. A start date and salary are not yet set.
Schumacher said leaving in September or October “seems most likely.”
Inslee, who is not running for a fourth term, will put out a proposed budget for the 2025-27 biennium in mid-December. That document will serve as a template for the next governor and Legislature in the 2025 session.
In an email, Schumacher said a lot of work will be done before he leaves.
But what happens with three initiatives on the November ballot could require changes. The measures propose to scrap the state’s cap-and-trade system, end its capital gains tax and make a long-term care program optional. Each is expected to have a significant effect on state revenue if approved.
Before joining the Inslee administration, Schumacher did two tours of duty as staff director for the state Senate Ways & Means Committee, and worked as a government affairs director for The Boeing Co.
He is a University of Washington graduate. In April, Inslee appointed Schumacher to the university’s Board of Regents.
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