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.
Featured Videos more >
News more >
After a summer of record-setting rainfall, the Swan Lake Hydroelectric Facility reached full capacity following expansion totaling an additional 15 feet of storage for the first time....
ANCHORAGE – On Friday, August 28, at 3:00 p.m. in the Anchorage Legislative Information Office (LIO), the Senate Resources Committee will hold a hearing to take public testimony on and...
KETCHIKAN – Work will soon begin on a host of projects meant to enhance the movement of people and goods between Ketchikan and Gravina Island.
ANCHORAGE – Senate President Cathy Giessel, R-Anchorage, today released the following statement after the U.S. Department of Energy on Thursday authorized the Alaska LNG project to...
ANCHORAGE – Senate President Cathy Giessel, R-Anchorage, today released the following statement in response to the U.S. Department of the Interior’s decision approving an oil and...
JUNEAU – On Tuesday, Senator Bert Stedman, R-Sitka, congratulated the U.S. Coast Guard for its 230th year anniversary.
Senate President Cathy Giessel and Soldotna Senator Peter Micciche today issued the following statements after the tragic death of Soldotna Representative Gary Knopp....
ANCHORAGE – Senate President Cathy Giessel, R-Anchorage, today appointed John Binkley to serve on the Redistricting Board
ANCHORAGE – Members of the Alaska Senate Majority this week commended a decision by the Bureau of Land Management (BLM) to approve a proposed route for the Ambler Road project....
On Tuesday, the State of Alaska made one of the most important investments in its 61-year history: a roughly $5 billion transfer from the Alaska Permanent Fund’s Earnings Reserve...
Find your Senator full map
- Chugiak/Peters Creek
- Eagle River
- Jewel Lake, Kincaid, Turnagain, Lake Hood, Sand Lake, Spenard, Dimond, Campbell Lake
- Midtown, Dimond, Huffman, Klatt, Southport, Bayshore, Oceanview
- Huffman, O'Malley, Abbott, Loop, Independence Park, East Dowling
- Northeast Anchorage, Anchorage Hillside, Indian, Bird, Girdwood and Portage
- Downtown, Airport Heights, Fairview, Government Hill, Mountain View, Russian Jack, South Addition
- Spenard, Midtown, UMed
- Muldoon, JBER, College Gate, Nunaka Valley, Wonder Park
- Palmer, Butte, Eklutna, Fairview, Lazy Mountain Knik, Gateway
- Wasilla, Meadow Lakes, Knik Big Lake, Point MacKenzie, Goose Bay, North Fairview
- Mat-Su, Delta Junction, Valdez, Copper River Valley, Talkeetna, Valdez
- North Pole, Farmers Loop
- UAF & University West, Chena Ridge, Cantwell, Nenana, Tanana, Kenny Lake, Tok, Copper Center & Tanana
- Adak, Bethel, Cold Bay, King Cove, Sand Point & Unalaska
- Barrow, Nome, Kotzebue, Hooper Bay, Northeast + Northwest Alaska