The Senate and House passed the budget in the final hours of a legislative session marked by a windfall of revenue from high oil prices.
Budget Conference Committee Chairman Sen. Bert Stedman, R-Sitka, presents the budget on the Senate floor on Wednesday, May 18, 2022.
The compromise reverses a Senate plan that would have spent most of the state’s revenue windfall from higher oil prices attributed to the war in Ukraine. Instead, the current plan leaves around $700 million for forward funding of K-12 education. It also puts around $800 million in the Statutory Budget Reverse account by the end of the next fiscal year, if oil prices remain close to the Department of Revenue’s most recent projection of $100 per barrel.
In the House, the budget passed in a 33-7 vote around 10:30 p.m., after only a brief discussion. All no votes came from Republicans, including Minority Leader Rep. Cathy Tilton from Wasilla. “It was a hard vote. I think the dividend amount plus the 650 will help Alaskans and I think that’s important,” Hopkins said after the vote. “I don’t think any elected officials should make their votes based on reelection. I think they should make it based on what’s right for their state and all of Alaskans.”
While the payments to Alaskans originally approved by the Senate were lowered by $2,300 in the budget compromise and the failure of the vote on the Constitutional Budget Reserve draw, the dividend amount would still be one of the highest in state history even accounting for inflation. “Yeah, I’d like to see some trimming. I assume the third floor will probably do some of that,” said Shower, referring to Dunleavy’s office on the third floor of the state Capitol.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alaska Legislature OKs increase to rural power subsidy - Alaska Public MediaWith the governor’s approval, the maximum amount of subsidized residential power will increase from 500 kilowatt-hours to 750 kilowatt-hours per month. (via AlaskaBeacon)
Read more »
Alaska Legislature passes bill to formally recognize tribes - Alaska Public MediaThe House on Tuesday voted 37-2 to accept a Senate version of the bill that passed last week.
Read more »
Alaska Legislature passes bill to protect college scholarship fundThe Legislature has passed a bill to protect Alaska's college scholarship fund.
Read more »
Alaska Legislature comes to tentative budget deal with over $3,800 in cash paymentsThe Alaska Legislature has a tentative budget deal in place that would pay out $3,800 to each eligible Alaskan this year.
Read more »
Alaska judge orders board adopt interim redistricting map - Alaska Public MediaA state court judge said a majority of members on the Alaska Redistricting Board appeared to have adopted a map that splits the Eagle River area into two Senate districts for “political reasons.' He ordered a new map be used this year.
Read more »