On Tuesday, the Legislature passed a $4.6 billion operating budget, nearly $500 million less than last year and 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 the revenue side of the equation, before our savings become depleted.
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We are now on day 11 of the special session, and the legislature has seen some activity, but there is still work to be done. Read on for an update on the operating budget, fiscal planning, and a heads-up on the upcoming interim.
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Yesterday, the Alaska Legislature passed fully funded budgets for the next fiscal year that remove the threat of the first ever government shutdown in Alaska. The operating and capital budgets were passed with significant support from members of the Alaska Independent Democratic Coalition after weeks of bipartisan negotiations between the Minority and Majority Caucuses in both the House of Representatives and the Senate.
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The end is near! The Legislature is still in special session, but we’re getting a bit closer to a resolution. I have some good news to share with you today.
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This Memorial Day, we honor the men and women of our armed forces who have bravely served our country and courageously defended our freedom. As we observe this day, I pause to remember our fallen service members and pay tribute to all they have given.
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