No surprise, but the state ferry Matanuska, once the stalwart of the fleet, needs more than 120,000 pounds of new steel to replace extensive sections of rust on the ship.

Launched in 1963, the Mat has endured decades of saltwater and seas. But no more—it is tied to the dock in Ketchikan, serving as floating housing for ferry workers. It has been held out of service since late 2022.

The citizens advisory board that watches over the Alaska Marine Highway System has recommended the state “make all due effort” to officially remove the ship from the fleet, which means selling it, either for use in another life somewhere else or to pull it apart for scrap.

Either way, it’s what happens when a property owner doesn’t spend enough money to repair or replace aging ships, trucks, buildings, computer systems and everything else that needs regular maintenance and upgrades.

The state could spend an estimated $48 million to $132 million to repair and upgrade the Matanuska to restore the ship to full service, but it would still be an old ferry. Many advocate for writing off the vessel and putting the money into building a new mainline vessel that could run for decades. That makes sense.

But while the Mat is a ship, not a building, it’s indicative of the expensive problem Alaska has created for itself by falling far short of maintaining its public assets. Elected leaders and the general public love spending money on new projects a lot more than they like writing checks on maintaining the old.

The list of unfunded maintenance work at schools, the university, state buildings, highways and more is staggering — and getting larger.

The University of Alaska system reports about $2 billion in deferred maintenance at its campuses across the state. The budget approved by lawmakers last month appropriated $10 million.

The state Department of Education’s annual list of major maintenance needs at local school districts totaled more than $333 million this year. The Legislature appropriated $30 million to nibble away at the list — unless the governor vetoes down the money, which he has done several times during his tenure.

The Legislative Finance Division told lawmakers this past session that the repair and maintenance list for state-owned buildings, facilities and highways totals more than $900 million, with the Department of Transportation home to one-third of the work list.

Division staff added a cautionary note: “This does not account for the eventual need to replace aging specialized facilities, such as Pioneer Homes and prisons. … It also does not account for line-of-business technology systems, which need to be replaced as technology changes.”

Which means the list is even longer and more expensive.

Unless Alaskans want to watch as more public facilities go the way of the Matanuska, they need to scrape the rust off the idea of issuing bonds to help cover the costs, repaying the debt in manageable annual payments. It’s the responsible thing to do.