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This week the Senate Finance Committee is reviewing the Governor’s FY2013 Capital Budget.  In my role as Co-Chair of the Finance Committee, I am responsible for presiding over the Senate’s examination and revision of the budget.

The Capital Budget appropriates money for one-time expenditures such as road, school, and port 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.  Capital spending stimulates private sector employment and has a tremendous impact on Alaska’s local economies.

This year’s budget will be developed in a thorough, public-driven process.  So far the Senate Finance Committee has held ten hearings on the capital budget, including a comprehensive vetting of individual departments’ funding requests.  The Governor’s budget proposes spending over $2.2 billion.  This is a substantial funding agenda, but there are several outstanding needs that the Senate will address.

Since 2008, the Senate has chosen to save first, then spend, adding over $7 billion to state savings before capital expenditures.  I have been a proponent of increasing state savings while ensuring Alaska’s needs are addressed.  Responsible capital project spending can help grow the economy and provide jobs for Alaskans.  The Senate will continue to focus on savings, infrastructure building, and a direct assault on our energy costs.

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