Lower oil prices have torn big holes in the Alaska state budget, the Department of Revenue said Tuesday, releasing new estimates showing a deficit of about $220 million in the fiscal year that ends June 30. (From AlaskaBeacon)
Alaska Gov. Mike Dunleavy speaks about the state’s spring revenue forecast on March 21, 2023, at the Atwood Building in Anchorage.
Members of the predominantly Republican House majority coalition have already taken a major step to address the situation by proposing to cut this year’s Permanent Fund dividend from the amount proposed by Gov. Mike Dunleavy in December. Legislators typically include language in the budget that says any deficits will be automatically filled by the state’s Constitutional Budget Reserve, but the budget they approved last year lacks that language, instead saying that any deficits should be filled by a state savings account that’s easier to access, the Statutory Budget Reserve.
In the House, the majority coalition is only 23 members and not all members are required to vote together. That means the votes of the 16-person minority caucus are needed. “We’re going to do our due diligence to make sure that that’s tight and been buttoned up, but assuming it is, I tentatively intend to have our caucus support the CBR,” Schrage said.
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Even with a slimmer Permanent Fund dividend, low oil prices generate deficits in AlaskaLower oil prices have torn big holes in Alaska's budget, with state estimates showing a deficit of about $220 million in the fiscal year that ends June 30 and another deficit of about $240 million in the year that starts July 1. (via AlaskaBeacon)
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