Senate Passes Significantly Smaller Capital Budget
Budget reflects Senate Majority goal to restrain government spending
JUNEAU- Today, the Alaska State Senate passed its version of the Fiscal Year 2014 Capital Budget, Senate Bill 18.
The Capital Budget will grow Alaska’s economy and addresses important state issues such as transportation, energy, education, and public works infrastructure. The total budget, coming in just under $1.9 billion, is almost a billion dollars less than in previous years.
“We felt it was extremely important to address the forecasted decline in state revenue due to the decline in oil production. Times have changed. We don’t have the surplus we used to,” said Senate Finance Co-Chair Kevin Meyer. “Our priority when putting together this budget was to restrain government spending while addressing Alaska’s critical infrastructure needs, finishing projects currently underway, and maintaining current assets such as infrastructure and public facilities.”
The budget includes $911 million in unrestricted general funding, $152 million in designated general funds, and $928 million in federal funding.
“I am extremely proud of the Senate Finance Committee for taking a common sense approach to the Capital Budget this year,” said Senate President Charlie Huggins. “As we fight to protect Alaska’s future, this belt-tightening was needed to get to a place of sustainable spending.”
The Senate Finance Committee developed this year’s Capital Budget through a public-driven process by holding more than 10 hearings and leading an in-depth review of the state departments’ requests and public testimony.
To take a look at a breakdown of the Capital Budget, click here.
The Capital Budget now heads to the House for further consideration.
For more information, contact Senate Majority Press Secretary Carolyn Kuckertz at (907) 465-3803.