The House passed CSHB 326(FIN) on Monday, March 29, with all 40 representatives voting in favor of passage. No changes were made to the bill on the floor. It has been transmitted to the Senate, and will be referred to the Senate Finance Committee. It is scheduled for a hearing in that committee on Thursday, April 1 at 9:00 a.m.
House Finance Committee Co-Chairman Mike Hawker said HB 326 contains only operating supplemental costs, and authorizes $1.7 billion in additional spending. Of that amount, $1.1 billion forward funds education, $401 million is appropriated to repay the Constitutional Budget Reserve, $600,000 is appropriated to the Agricultural Revolving Loan Fund, there is $125 million for the Marine Highway Stabilization Fund, and $79,000 goes into the Small Business Development Revolving Loan Fund. HB 326 also re-appropriates excess Marine Highway funds for ferry service for the Aleutians for the remainder of FY10 and for all of FY11.
Rep. Woody Salmon noted that HB 326 is made possible by the 2007 oil tax reform.
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