SENATE BILL NO. 75 "An Act making and amending appropriations, including capital appropriations, supplemental appropriations, and appropriations to capitalize funds; and providing for an effective date." 6:27:55 PM Senator Hoffman MOVED to ADOPT Work Draft 26-GS1003\C, Kane, 4/8/09. There being NO OBJECTION, it was so ordered. MILES BAKER, STAFF, SENATE FINANCE COMMITTEE, explained that the appropriations in version C, CSSB 75(FIN) are depicted in the summary handouts "2009 Capital Budget Agency Summary, Senate Structure" and "Capital Budget Statewide Totals, Senate Structure" (copies on file). He explained that the various columns correspond to the sections noted in the CS. 6:33:22 PM Mr. Baker called attention to the Funds Transfer section on page 62, Section 14, subsections (a) through (e). He called attention to subsection (a) the transfer of income from the Amerada Hess earnings to the capital income fund estimated at $21 million. He also pointed out that Section 17, page 64, contains the legislative re-appropriations based on lapsing or unexpended unobligated prior year appropriations based on consultations with each individual member broken out by House district. Mr. Baker cited Section 37, page 75 the re-appropriation of legislatures lapsing operating appropriations from Legislative Council, Legislative Budget and Audit Committee, and legislative operating appropriations. He summarized that most of the re-appropriated money will be spent on capital improvements in the Capitol Building and noted that $300,000 is re-appropriated to Legislative Council to develop a statewide energy plan. 6:36:03 PM Mr. Baker noted that Section 39, page 76, delineates the appropriations of the federal Coastal Impact Assistant Program. He explained that these funds are to help mitigate the impact of oil and gas development. The larger boroughs in the state receive 35 percent of the funds directly via a federal designation, Costal Political Subdivisions. This group is expected to receive approximately $29 million. The amount that is passed through the state is estimated to be $53.6 million. The distribution of these funds is detailed in Section 39. 6:39:29 PM Co-Chair Stedman summarized that the capital bill totals approximately $1.8 billion, which includes the DOT federal economic stimulus funds. He stated that out of the $1.8 billion roughly, $483 million are state funds and $1.3 billion are federal funds. This bill produces less spending than the administration's original proposal of $513.14 million. Co-Chair Stedman voiced that this capital budget represents a balance between the need to stimulate the economy without consuming the state's savings accounts too precipitously. CSSB 75 was HEARD and HELD in Committee for further consideration. 6:42:57 PM