Lower oil prices have torn big holes in Alaska's budget, with state estimates showing a deficit of about $220 million in the fiscal year that ends June 30 and another deficit of about $240 million in the year that starts July 1. (via AlaskaBeacon)
Alaska Gov. Mike Dunleavy speaks about the state’s spring revenue forecast on March 21, 2023, at the Atwood Building in Anchorage.
Members of the predominantly Republican House majority coalition have already taken a major step to address the situation by proposing to cut this year’s Permanent Fund dividend from the amount proposed by Gov. Mike Dunleavy in December. Rep. DeLena Johnson, R-Palmer and co-chair of the House Finance Committee, said on Tuesday that further actions will be forthcoming.Before lawmakers eat the elephant in fiscal year 2024, they’ll have to take care of the one in fiscal year 2023, which ends June 30.
Spending from the constitutional reserve requires three-quarters of the Senate and three-quarters of the House to agree.“I would expect that the Senate would support three-quarter vote access to the CBR not only in ’23, but in ’24,” said Sen. Bert Stedman, R-Sitka and co-chair of the Senate Finance Committee.
House Minority Leader Calvin Schrage, I-Anchorage, said that if the fast-track bill doesn’t change before the final vote — floor amendments are possible — the minority is prepared to support the Constitutional Budget Reserve vote.
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