Alaska Legislature Passes Responsible Capital Budget Compromise
FY18 Capital Budget Leverages $122 Million in State Money for Over a Billion Dollars in Federal Funding
Juneau – Today, the Alaska Legislature overwhelmingly passed a capital budget for Fiscal Year 2018 that will result in approximately $1.2 billion in federal funds coming to Alaska. The approved capital budget was a negotiated compromise that ensures continued funding for Alaska’s roads, bridges, and other vital infrastructure. House Finance Committee Co-chair Rep. Neal Foster (D-Nome) helped negotiate the compromise and worked to ensure passage today.
“For every state dollar invested as part of this capital budget, Alaska gets $9 in federal support for vital infrastructure like good roads and safe bridges. I want to thank Senator MacKinnon for her hard work and willingness to compromise, which resulted in today’s vote to pass a responsible capital budget,” said Rep. Foster.
Senate Bill 23 includes $122 million in state Unrestricted General Funds and nearly $1.2 billion in federal funds, making it the smallest capital budget since 2000.
“I want to thank every member of the legislature for their patience and their help in getting the capital budget passed,” said Speaker of the House Rep. Bryce Edgmon (D-Dillingham). “The spirit of bipartisanship and cooperation that went into developing this compromise budget is a tangible example that lawmakers from both sides of the aisle and from both the House and Senate can work together and compromise for the common good. This will serve us well as we continue the hard work of protecting our economy and thousands of jobs from the ongoing recession and fiscal crisis. Solutions are out there, and by working together those solutions are obtainable.”
The compromise version of Senate Bill 23 passed the Alaska House of Representatives today by a vote of 27-13. The Alaska State Senate passed the bill by a vote of 15-4. SB 23 will now be sent to Alaska Governor Bill Walker for his signature.