Saturday, the Alaska State Senate passed its version of the Fiscal Year 2014 Capital Budget, Senate Bill 18.
According the Senate Majority, this 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.
Senate Finance Co-Chair Kevin Meyer of Anchorage said that “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.”
Meyer said that the 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.