The programs and agencies of state government are funded on a two-year basis. The capital budget generally includes appropriations for acquiring, constructing, and repairing capital assets such as land, buildings, and other infrastructure improvements. Funding for the capital budget is primarily from state general obligation bonds, with other funding derived from various dedicated taxes, fees, and state trust land revenues. The primary two-year budget is passed in odd-numbered years, and a supplemental budget making adjustments to the two-year budget is passed during even-numbered years. The current capital budget covers the period from July 1, 2021, through June 30, 2023.
The 2020 supplemental capital budget appropriates a total of $1.2 billion for capital projects, of which $93.8 million is financed through general obligation bond proceeds.