Today the Senate Finance Committee introduced its version of the FY2012 Capital Budget today. The budget enhances state savings; and funds crucial energy projects to keep Alaska’s economy moving. As Co-Chair of the Senate Finance Committee, I was responsible for drafting the budget and presenting it to the committee. The Capital Budget appropriates money for one-time expenditures such as road and school construction; and public works infrastructure. It is one of the most important policy documents the legislature considers, and along with the Operating Budget, is the only bill the legislature is required to pass during session.
This session I’ve worked aggressively with colleagues to bolster state savings and guarantee our state’s infrastructure needs are addressed. Our challenge was to use surplus revenue to advance important statewide projects, while stocking-away funds in the Constitutional Budget Reserve as savings for future years. The budget totals $2.8 billion and adds $500 million to state savings.
The Budget includes several items that will benefit Southeast Alaska including funding for energy infrastructure that will lower the cost of doing business and improve the quality of life in our region. Projects include expansion of hydroelectric projects in Ketchikan and Sitka, major waterfront improvements in Petersburg and Wrangell, clinics for Prince of Wales Island, infrastructure improvements at the Ketchikan Shipyard, and vocational education facilities in Ketchikan and Sitka.
I’m confident that we’ve addressed the most critical priorities around the state, and look forward to working with my colleagues in the house to move the budget through the legislature this week.
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