AK SB231

Subjects the Alaska Railroad Corporation to the Executive Budget Act (AS 37.07) and requires all corporation expenditures to be subject to legislative appropriation.

Amends the definition of "agency" in AS 37.07.120(1) to explicitly include the Alaska Railroad Corporation alongside other state agencies.

Requires the Alaska Railroad Corporation to annually review its assets, determine excess amounts not needed for operations, and report findings to the legislature by January 10 each year with independent auditor verification.

Changes the corporation's appropriation request process from requiring gubernatorial concurrence to requesting appropriations directly from the legislature in accordance with the Executive Budget Act.

Takes effect immediately and requires the corporation to prepare its first budget under the Executive Budget Act for submission to the governor for the next regular legislative session.