Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Infrastructure Bank topic
No spam. Unsubscribe anytime.
State Infrastructure Bank requests $1.3M to cover Act 37 shortfall; highlights $2B in active projects
Summary
Charles Cannon, COO of the State Infrastructure Bank, briefed the subcommittee on May 20 and requested $1.3 million to make the bank whole after a decline in registration-fee revenue tied to Act 37 (2021). He said the bank has about $2 billion in active projects and $7.1 billion provided since 1997.
Charles Cannon, chief operating officer of the State Infrastructure Bank, told the Senate Finance transportation subcommittee the bank seeks a $1.3 million nonrecurring appropriation to cover a shortfall caused by changes in registration-fee timing under Act 37 (2021).
"Act 37 in 2021...left us with a deficit of nearly $3,000,000...Last year, ...$1.6 million of that was added into H2 and passed by both the House and the Senate," Cannon said, explaining the remaining $1.3 million request for fiscal 2026 is intended to "make us whole." Cannon told senators the bank’s board has diverse professional representation and said the bank has approximately $2 billion in active projects across 16 projects and has provided about $7.1 billion in financial assistance since 1997.
The nut graf: The request to the subcommittee is narrowly targeted to correct a revenue timing and level change that reduced recurring registration-based receipts; Cannon described the bank’s mission and recent activities and asked for modest nonrecurring relief plus additional personal‑services funding and a new lease appropriation for its DOT-leased office.
Cannon also outlined recent program activity: a rural-application program launched in March 2024 with $250 million over 10 years and a bond refunding in September 2024 that produced about $10 million in savings and an upgraded Fitch rating to double-A minus. He said the $1.3 million nonrecurring request was included in the House budget this year.
Ending: The subcommittee did not take a formal vote during the hearing. Members offered brief comments and concluded the presentation; Cannon thanked the committee for the opportunity.
