SB 40 Summary

• Appropriates $7.921 billion for Alaska state government operating expenses and loan programs for fiscal year ending June 30, 2024, including funds from the general fund, federal receipts, and various designated sources.

• Allocates funding to major departments including Health ($2.956 billion), Education ($378 million), Transportation ($595 million), and Corrections ($401 million), with specific line-item amounts for various programs and services.

• Capitalizes funds and makes supplemental appropriations for the Alaska Permanent Fund, housing finance corporation, retirement systems, and various special funds totaling hundreds of millions of dollars.

• Appropriates from the Constitutional Budget Reserve Fund under art. IX, sec. 17(c) to balance the budget if unrestricted state revenue is insufficient to cover general fund appropriations.

• Includes provisions for salary and benefit adjustments, debt service payments, federal program receipts, fund transfers, and takes effect July 1, 2023, with select provisions effective June 30, 2023, and January 1, 2024.