The Alaska House of Representatives has rejected the Senate’s budget, meaning another round of budget negotiations is now set to begin in the final days of the legislative session.
The Senate Finance Committee got an updated fiscal picture on Friday. The nonpartisan Legislative Finance Division showed that the Senate’s budget has a $1 billion deficit with the crude oil price over $101 a barrel, meaning savings would need to be used to bridge the fiscal gap.
The Permanent Fund could be overdrawn with a simple majority vote, but that would spend from the fund now used to pay for state services and the dividend. It would also violateThe value of the Permanent Fund has dropped in recent weeks below $80 billion with a downturn in the stock market. If the price of oil drops by $2 a barrel over the next fiscal year, the state will lose between $150 million and $200 million.
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