Gov. Mike Dunleavy proposed a state budget that includes funding for a full statutory PFD amounting to nearly $3,900 for every eligible Alaskan, but no increase to school funding despite an ongoing budget crisis plaguing schools across the state.
budgets, which cover state services and infrastructure projects, when compared to the previous year’s budgets. The plan also calls for a draw from the state’s savings accounts amid a drop in oil prices, with a proposed deficit of $264 million. There is currently more than $2 billion in state savings.
In a March forecast from the Alaska Department of Revenue, analysts predicted the average oil price per oil barrel in the 2023 fiscal year would be $101. Department of Revenue Commissioner Adam Crum said Thursday that estimate is now down to $88 per barrel and $81 per barrel in the next fiscal year.The Legislature earlier this year passed a budget that included education funding for the following fiscal year.
Now, oil prices are back on the decline and Dunleavy is again proposing what would be the highest dividend payment in state history, driven in part by what he says was the response he got from voters on the campaign trail. The statutory formula for calculating the dividend was last used in 2015. Since then, lawmakers have been mired in a long-standing debate over how to sustainably calculate the dividend amount each year. The roughly $3,400 payment sent to eligible Alaskans earlier this year was made up in part by what the Legislature called a one-time energy assistance payment to help offset higher fuel costs.
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