A lot of good and bad things have happened since I wrote last. Here’s the good, bad, and, well, sorta’ secret stuff people should know about. And, on a revenue plan especially, I’d like to hear from you!
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After negotiating over the Memorial Day weekend, the Legislature passed a $4.6 billion operating budget. This is a reduction of $500 million from last year. We also passed one of the smallest capital budgets in state history. Nearly $3.2 billion comes from the Constitutional Budget Reserve, the state’s savings account. The session now can be laser-focused on a fiscal plan, before our savings are depleted.
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On Tuesday, the legislature passed a compromise budget package funded by the Constitutional Budget Reserve as is needed. This budget compromise is far from perfect, as are many compromises, but it allows us to keep Alaska open for business so that the fishing, tourism and business communities can continue to operate during the summer. The budget compromise ensures that we don’t face a crippling government shut down which would further damage the State of Alaska’s credit rating and hurt the thousands of Alaskan state employees and those who count on their essential efforts. In this special session update, I will describe these budgets generally as well as what is next in the special session.
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This week, the legislature passed a statewide operating budget and a capital budget. Passing this budget compromise means the state has avoided sending lay-off notices to state employees. Although passing the budget is a step in the right direction, the legislature has not adopted a long-term solution to Alaska’s financial challenges. There is more work to be done to implement a responsible action plan for Alaska.
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After I led negotiations over the Memorial Day weekend, the Legislature passed a $4.6 billion operating budget on Tuesday. This is a reduction of $500 million from last year. We also passed one of the smallest capital budgets in state history. Nearly $3.2 billion comes from the Constitutional Budget Reserve, the state’s savings account. The session now can be laser-focused on a fiscal plan, before our savings are depleted.
Read More →