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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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...
JUNEAU – Sen. Bert Stedman, R-Sitka, applauded a rule today that fixed an issue for commercial fishermen who were unable to receive adequate funding under the Paycheck Protection...
ANCHORAGE – Members of the Alaska Senate today issued the following statements after hearing news of University of Alaska President Jim Johnsen’s resignation....
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SOLDOTNA – Senator Peter Micciche, R-Soldotna, this week urged the leadership of Alaska Department of Public Safety (DPS) to halt their plan that would centralize 911 response...
JUNEAU – The Federal Energy Regulatory Commission (FERC) announced today it had authorized the Alaska Gasline Development Corporation (AGDC) to liquefy and export liquefied natural...
HB 313 provides over $1 billion to Alaskans
ANCHORAGE – The state Legislative Budget & Audit Committee today delivered $1 billion to Alaska communities, small businesses, fisheries, and airports from the federal Coronavirus...
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JUNEAU – On Wednesday, a bill expanding mental health services in Alaska was signed into law by Governor Mike Dunleavy.
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