Falling oil prices leave Alaska lawmakers with a $925 million revenue hit, affecting the budget and the Permanent Fund dividend:
JUNEAU — Falling oil prices are projected to leave Alaska’s state budget with a $925 million revenue hit, pushing lawmakers to reduce the size of this year’s proposed Permanent Fund dividend.
And even though Gov. Mike Dunleavy has not amended his request for a full statutory dividend, he has acknowledged that outcome is unlikely. “I doubt it’s going to be a fully statutory ,” he said Tuesday. “In the end, the Legislature appropriates, so we’ll see what that number lands on.”Tuesday, estimating that the price of oil would average $85 per barrel over the current fiscal year, which ends June 30, and $73 per barrel for the 2023-24 fiscal year.
Gov. Mike Dunleavy speaks during a press conference in Anchorage on Tuesday, March 21, 2023. Alaska Department of Revenue commissioner Adam Crum listens at left. as a way to potentially raise billions of dollars in new state revenue by storing carbon underground or selling forestry offsets. Dunleavy’s proposals have advanced from one committee in the House, but they have received a more lukewarm reception in the Senate. Those proposals are not expected to raise revenue over the next fiscal year.
House Republicans, who previously have publicly supported calculating the size of the dividend according to the 1982 statutory formula — which hasn’t been followed“It’s really this political football that gets kicked around back and forth,” said Fairbanks Republican Rep. Frank Tomaszewski. “What I really want to see is a sound fiscal plan coming out of the Legislature.”
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