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.
Featured Videos more >
News more >
JUNEAU – The Alaska Senate today unanimously passed Senate Bill 24, allowing corporate shareholder meetings and nonprofit member meetings to be held electronically....
JUNEAU – The Alaska Senate today unanimously passed a bill extending access to naloxone, a life-saving opioid overdose reversal drug.
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...
Senate Resolution 2 focuses on reopening Alaska’s economy and securing federal funding for the management of COVID-19 related impacts.
The Alaska Senate today unanimously approved a resolution allowing legislators to vote remotely if voting can no longer safely take place in the Capitol.
JUNEAU – Today, Senator Click Bishop, R-Fairbanks, introduced legislation to help locate missing persons in Alaska.
Raffle winners will be announced today at 2:00 p.m.
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...
JUNEAU – Republican members of the Alaska Senate today announced that agreement has been reached to form a legislative majority.
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...
Find your Senator full map
- Chugiak/Peters Creek
- Eagle River
- Jewel Lake, Kincaid, Turnagain, Lake Hood, Sand Lake, Spenard, Dimond, Campbell Lake
- Midtown, Dimond, Huffman, Klatt, Southport, Bayshore, Oceanview
- Huffman, O'Malley, Abbott, Loop, Independence Park, East Dowling
- Northeast Anchorage, Anchorage Hillside, Indian, Bird, Girdwood and Portage
- Downtown, Airport Heights, Fairview, Government Hill, Mountain View, Russian Jack, South Addition
- Spenard, Midtown, UMed
- Muldoon, JBER, College Gate, Nunaka Valley, Wonder Park
- Palmer, Butte, Eklutna, Fairview, Lazy Mountain Knik, Gateway
- Wasilla, Meadow Lakes, Knik Big Lake, Point MacKenzie, Goose Bay, North Fairview
- Mat-Su, Delta Junction, Valdez, Copper River Valley, Talkeetna, Valdez
- North Pole, Farmers Loop
- UAF & University West, Chena Ridge, Cantwell, Nenana, Tanana, Kenny Lake, Tok, Copper Center & Tanana
- Adak, Bethel, Cold Bay, King Cove, Sand Point & Unalaska
- Barrow, Nome, Kotzebue, Hooper Bay, Northeast + Northwest Alaska