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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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

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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

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Senator Mia Costello

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

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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

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Senator Natasha von Imhof

Better a temporary deficit than an income tax

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Alaska must cut $800 million

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Keep the dividend, balance the budget and limit government

News more >

Senator Bert Stedman

Historic Permanent Fund Transfer Protects Alaska’s Future

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...  Full Story + Video >>

Senator Bert Stedman

Treasury Announces PPP Fix for Commercial Fish, Deadline Approaching

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...  Full Story >>

Senator Gary Stevens

State Senators Thank UA President Johnsen for His Service

ANCHORAGE – Members of the Alaska Senate today issued the following statements after hearing news of University of Alaska President Jim Johnsen’s resignation....  Full Story >>

Senator Click Bishop

Alaskans to Celebrate First Walter Harper Day on Sunday, June 7

FAIRBANKS – On Sunday, June 7, Alaska will celebrate the first annual Walter Harper Day in recognition of the Athabascan-Irish man who, on June 7, 1913 became the first person to stand...  Full Story >>

Senator Peter Micciche

Sen. Micciche Calls for Halt to DPS Plan to Centralize 911 Service

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...  Full Story >>

Senator Peter Micciche

Sen. Micciche Commends Alaska LNG Milestone

JUNEAU – The Federal Energy Regulatory Commission (FERC) announced today it had authorized the Alaska Gasline Development Corporation (AGDC) to liquefy and export liquefied natural...  Full Story >>

Senate Majority Press Press

Legislature Ratifies CARES Act Spending Plan

HB 313 provides over $1 billion to Alaskans  Full Story >>

Senate Majority Press Press

Legislature Delivers $1 Billion to Communities & Small Businesses

ANCHORAGE – The state Legislative Budget & Audit Committee today delivered $1 billion to Alaska communities, small businesses, fisheries, and airports from the federal Coronavirus...  Full Story >>

Senate Majority Press Press

Legislative Committee Authorizes Initial Federal Coronavirus Aid

JUNEAU – The state Legislative Budget & Audit Committee today authorized $125 million for education, child nutrition programs, public safety, and transportation from the federal...  Full Story >>

Senator Cathy Giessel

Bill Expanding Alaska Mental Health Services Signed into Law

JUNEAU – On Wednesday, a bill expanding mental health services in Alaska was signed into law by Governor Mike Dunleavy.  Full Story >>

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