Restore Order and Sustainability in our Fiscal House
Plummeting oil prices in the summer of 2014 erased billions of dollars in revenue Alaska needed to keep our roads in good repair and schools adequately funded.
The Senate Majority immediately cracked down on spending, reducing General Fund expenditures by 44% – from $8.3 billion in FY 2013 to $4.3 billion in FY 2017. Twenty-six percent of the reductions were in day to day agency operations. Despite these dramatic reductions, continued low oil prices result in a projected shortfall for FY 2018 of $2.8 billion dollars, or $3,850 for every Alaskan.
With oil prices at record lows, Alaska's investment income outstrips all other possible revenue sources. On March 15, 2017 the Alaska Senate passed Senate Bill 26 to re-structure Alaska's investment management to a Percent of Market Value approach, protecting the Fund and Alaskans’ dividends.
Written into Senate Bill 26 are two key provisions:
- A spending limit, to restrict future government growth
- A revenue limiting provision to ensure that windfall profits from a surprise spike in oil prices are used in place of investment earnings, not for expanded government spending.
By using a PoMV approach in combination with a smart spending cap, the principal of the Permanent Fund will be protected for the long term against inflation. Investment income from the Fund will be able to pay substantial dividends for generations, and provide a reliable stream of income to support Alaska's essential government functions such as public safety and education. And, Senate Bill 26 precludes any need for an Alaska income tax or an Alaska IRS.
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JUNEAU – Senate President Cathy Giessel, R-Anchorage, an Advanced Nurse Practitioner, early this morning released the following statement on the 31st Alaska Legislature’s...
JUNEAU – The Alaska Legislature early this morning approved the state’s operating and capital budgets for the upcoming 2021 fiscal year, with critical emergency funding for the...
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JUNEAU – The Alaska Legislature today passed a bill reforming the state’s mining policies.
JUNEAU – The Alaska Legislature today passed a bill expanding mental health services in Alaska.
JUNEAU – The Alaska Senate today passed a bill funding state government for the upcoming 2021 fiscal year, a partial capital budget, and emergency funding to respond to the coronavirus...
JUNEAU – Today, Senate President Cathy Giessel, R-Anchorage, Senator Bert Stedman, R-Sitka, co-chairman of the Senate Finance Committee, and Senator Natasha von Imhof,...
JUNEAU – Today, exactly 107 years after the First Territorial Alaska Senate passed a bill granting Alaskan women the right to vote, the Thirty-First Alaska Senate unanimously approved...
Bill also pays for last year’s firefighting and healthcare costs
JUNEAU – This week, the Alaska Senate Finance Committee will be taking public testimony on the operating and capital budgets beginning at 9 a.m. on Wednesday....
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