The supplemental appropriations bill that whizzed out of the Senate earlier this week is also on the fast track in the state House. It will be up for action in the House Finance Committee Monday or Tuesday, March 10 or 11.

The bill makes appropriations of surplus funds to the state constitutional budget reserve and a separate cash reserve but also restores funding for projects vetoed last summer by Gov. Sarah Palin.

The speed with which the bill is moving indicates that legislators are set on a confrontation with the governor over her vetoes. If the governor vetoes the projects again, lawmakers appear to be set on an attempt to do a veto override, a procedure that takes a three-quarters vote and has only been done once before.

Senate Bill 256 also appropriates $2.6 billion of the surplus to the constitutional budget reserve and $1 billion to a statutory cash reserve. The CBR now holds $3.1 billion, so the new deposit brings the account’s total to $5.7 billion. The permanent fund earnings reserve account now holds $6 billion, which also acts as an emergency reserve for the state since legislators can appropriate these funds.

If the appropriations in SB 256 are ultimately approved, the state’s total cash reserves will be $12.6 billion.