Alaska's Budget

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.

Historical-Oil-Price

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Total UGF Spending 2006-2017

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General-Fund-Savings-in-Capital-Budget

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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:

  1. A spending limit, to restrict future government growth
  2. 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 >

Senator Click Bishop

Sen. Bishop Supports Modest Motor Fuel Tax

Media Outlet

Senator Cathy Giessel

Striking a Balance for Alaska's Future

Senator Chris Birch

Sen. Birch on Shrinkage of the CBR

Senator Bert Stedman

Sen. Stedman: Protect the Permanent Fund

Media Outlet

Senator Chris Birch

A Dividend Alaska Can Afford

Senator Natasha von Imhof

Sen. von Imhof Advocates for a Balanced Budget

Senator Bert Stedman

Sen. Stedman: A Better Solution for the Economy

Media Outlet

Senator Mia Costello

With release of Dunleavy’s budget, it’s time to listen to Alaskans

Media Outlet

Senator John Coghill

Is the PFD a Constitutional Right?

Senator Peter Micciche

Sen. Micciche Presents Spending Cap Bill, SB196

Senator Natasha von Imhof

Unleashing Alaska's Potential, Part 1

Media Outlet

Senator Natasha von Imhof

Better a temporary deficit than an income tax

Media Outlet

Alaska must cut $800 million

Media Outlet

Keep the dividend, balance the budget and limit government

News more >

Senator Cathy Giessel

Statement from Senate President Giessel on Recess of 31st Legislature

JUNEAU – Senate President Cathy Giessel, R-Anchorage, an Advanced Nurse Practitioner, early this morning released the following statement on the 31st Alaska Legislature’s...  Full Story >>

Senator Bert Stedman

Legislature Approves Budgets, COVID-19 Emergency Funding

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...  Full Story >>

Senator John Coghill

Legislature Extends Emergency Declaration, Provides Economic Relief

JUNEAU – In response to the novel coronavirus (COVID-19) pandemic, the Alaska Legislature early this morning passed a bill extending Governor Mike Dunleavy’s public health...  Full Story >>

Senator Click Bishop

Legislature Reforms Alaska’s Mining Policies

JUNEAU – The Alaska Legislature today passed a bill reforming the state’s mining policies.  Full Story >>

Senator Cathy Giessel

Legislature Expands Alaska Mental Health Services

JUNEAU – The Alaska Legislature today passed a bill expanding mental health services in Alaska.  Full Story >>

Senator Bert Stedman

Senate Passes State Operating Budget with COVID-19 Response Funding

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...  Full Story >>

Senate Majority Press Press

Legislative Leaders to Alaskans: Help is on the way

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,...  Full Story >>

Senator Josh Revak

Alaska Senate Celebrates 100th Anniversary of Women’s Suffrage

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...  Full Story >>

Senator Bert Stedman

Legislature Provides Relief Funding for Coronavirus Impacts

Bill also pays for last year’s firefighting and healthcare costs  Full Story >>

Senator Bert Stedman

Public Testimony Notice: Alaska Operating and Capital Budgets

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....  Full Story >>

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