HB 40 Summary

• Appropriates $2,078,134,812 total for capital projects and grants across state agencies for fiscal year 2024, funded from general funds, federal receipts, and designated program revenues.

• Major allocations include $1,461,327,797 for Department of Transportation/Public Facilities (airports, highways, marine systems), $300,112,383 for Department of Environmental Conservation (primarily village water/wastewater infrastructure), and $98,175,702 for Department of Commerce, Community, and Economic Development.

• Provides capital funding for infrastructure projects including $247,702,959 for village safe water systems, $462,009,189 for airport improvements, and various energy and housing development programs.

• Appropriates federal receipts exceeding budgeted amounts that are received during fiscal year 2024, conditioned on program review compliance.

• Takes effect July 1, 2023 and establishes that capital appropriations lapse under AS 37.25.020.