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

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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 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

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Senator David Wilson

Alaska Senate Passes Bill Allowing Virtual Shareholder Meetings

JUNEAU – The Alaska Senate today unanimously passed Senate Bill 24, allowing corporate shareholder meetings and nonprofit member meetings to be held electronically....  Full Story >>

Senator David Wilson

Alaska Senate Passes Bill to Combat Opioid Overdose

JUNEAU – The Alaska Senate today unanimously passed a bill extending access to naloxone, a life-saving opioid overdose reversal drug.  Full Story >>

Senator Josh Revak

Statement from Sen. Josh Revak on Order Halting Willow Project Work

JUNEAU – Today, Senator Josh Revak, R-Anchorage, chairman of the Senate Resources Committee released the following statement after the U.S. 9th Circuit Court of Appeals halted winter...  Full Story >>

Senate Majority Press Press

Senate Backs Use of Short-Term Health Powers to Protect Alaskans

Senate Resolution 2 focuses on reopening Alaska’s economy and securing federal funding for the management of COVID-19 related impacts.  Full Story >>

Senator Gary Stevens

Remote Work Resolution First Legislation to Pass in 32nd Legislature

The Alaska Senate today unanimously approved a resolution allowing legislators to vote remotely if voting can no longer safely take place in the Capitol.  Full Story >>

Senator Click Bishop

Sen. Bishop Sponsors Bill to Help Locate Missing Alaskans

JUNEAU – Today, Senator Click Bishop, R-Fairbanks, introduced legislation to help locate missing persons in Alaska.  Full Story >>

Senator Click Bishop

PFD Education Raffle Contributions Up in 2nd Year of Program

Raffle winners will be announced today at 2:00 p.m.  Full Story >>

Senator Josh Revak

Statement from Resources Chairman on Order Halting ANWR Development

JUNEAU – Today, Senator Josh Revak, R-Anchorage, the new chairman of the Senate Resources Committee, released the following statement after Wednesday’s announcement that the...  Full Story >>

Senate Majority Press Press

Senate Republicans Announce Majority for 32nd Alaska Legislature

JUNEAU – Republican members of the Alaska Senate today announced that agreement has been reached to form a legislative majority.  Full Story >>

Senator Peter Micciche

Sen. Micciche: Management Proposal Would Harm Salmon in Cook Inlet

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...  Full Story >>

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