Appropriations Committee rereports capital budget bill after debate over RCAP debt limit

The House Appropriations Committee on June 1, 2025, voted to rereport House Bill 13 32 as amended after approving an amendment addressing the Redevelopment Assistance Capital Program debt limit.

The bill provides for the capital budget for fiscal year 2025–26, and the amendment prompted debate about whether increasing the RCAP debt cap is necessary given current available capacity, bond proceeds and upcoming retirements.

An executive director for the committee summarized the bill at the start of the hearing, saying it "provides for the capital budget for fiscal year 25 26, authorizing the overall limitations on debt to be incurred for capital projects."

A committee member opposing the amendment said, "we do not feel that this amendment is necessary. Based on a letter from Secretary Munson of the Governor's Budget Office dated 04/08/2025, our current debt limit for the Redevelopment Assistance Capital Program is 3,100,000,000.0. The current outstanding debt in that program is 2,490,000,000.00. Under the current limit, the governor has the authority to issue 607,000,000 in additional debt without raising the cap." The member also said the treasury is holding bond proceeds and that the administration therefore has more than $994,000,000 available for RCAP projects when combining unissued capacity and held proceeds.

The committee then proceeded to roll call. The chair recorded that "All the Democrats will vote in the affirmative. All Republicans will vote in the negative." The amendment passed and House Bill 13 32 as amended was rereported from the committee.

Committee members emphasized the program's role in economic development. The chair said the RCAP program is used "to spur economic development here in this Commonwealth," and noted members attend groundbreakings and ribbon cuttings for projects funded through the program.

No further discussion or additional actions on the bill were recorded before adjournment.