Administration outlines governor’s capital budget, proposes cash‑fund formula change

Nick Kramer, a presenter for the governor’s capital budget team, told the Senate Committee on Institutions and Information Technology on Jan. 29 that the governor is recommending a capital bill built on roughly $110 million in bond capacity and a package of cash and bond appropriations across state agencies.

Kramer said the administration’s revenue picture for the capital bill begins with a Capital Debt Affordability Advisory Committee (CDAC) recommendation of $100 million in bond authorization, plus about $6.8 million in bond premium and prior‑year reallocations, producing a total bond capacity the presentation lists as $110 million. Kramer described the premium as the market payment that reduces the amount the state must issue when investors pay above par for a sale.

The administration also proposed a change to the statutory cash‑fund transfer language that governs how much of the state’s general fund is directed to capital projects. Kramer said the draft bill would replace permissive language and set an annual transfer…