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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SOLDOTNA – Senator Peter Micciche, R-Soldotna, sent a letter Wednesday urging the North Pacific Fishery Management Council (NPFMC) to reject a rushed proposal lacking due process...
ANCHORAGE – Senate President Cathy Giessel, R-Anchorage, today released the following statement after Governor Mike Dunleavy announced that he is issuing a new 30-day Declaration of...
SOLDOTNA – Members of the Kenai Peninsula Legislative Delegation sent a letter to Governor Mike Dunleavy on Wednesday urging him to declare a state economic disaster for the Upper Cook...
BETHEL – Today, the United States Department of Agriculture Rural Utility Service Program announced they are awarding a $25 million grant to GCI to build fiber optic broadband through...
Giving freely of his time SPC Garcia, organized supplies, volunteers and worked weekends to convert a retaining wall at 10th and Hyder from graffiti into a beautiful community treasure....
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...
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