HB2001 Summary

• Appropriates $1,228,083,500 for operating expenses of state government agencies and the University of Alaska for fiscal year 2016 (July 1, 2015 - June 30, 2016).

• Includes $56,985,300 in salary and benefit adjustments for state employees, judges, legislators, and university employees, with no cost-of-living raises for collective bargaining agreements negotiated in 2015.

• Appropriates $262,519,879 for retirement system funding across public employees, teachers, and judicial retirement systems.

• Authorizes appropriations from the Constitutional Budget Reserve Fund up to $500,000,000 if unrestricted state revenue is insufficient to cover general fund appropriations.

• Includes contingency provisions allowing appropriations from the Alaska Higher Education Investment Fund if constitutional reserve fund appropriations fail to pass with a three-fourths majority vote.