AK4SB Comments on HB 57 (3.4.2017)

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These are the written comments of Alaskans for Sustainable Budgets submitted to the House Finance Committee on HB 57, the 2017 session Operating Budget.

News & Politics

Governor Hammond's "50/50" plan proposes splitting the Alaska Permanent Fund's annual earnings equally between the PFD and essential government services, as Hammond originally intended. Currently, only half goes to the PFD while the other half funds an "inflation proofing" reserve and earnings reserve. Implementing 50/50 could help balance the budget over five years without cutting the PFD or raising taxes, which have severe negative economic impacts by reducing overall Alaska income and increasing poverty and income disparity. There are debates around setting a fixed draw rate from the fund to protect its long-term sustainability.

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Brad Keithley gave a presentation on how to finish the legislative session with a sustainable budget and economy in Alaska. He outlined that the state needs to resolve issues with oil and gas tax credits, operating and capital budgets, and PFD cuts or taxes. To do this, the legislature needs to set overall spending at $4.5 billion based on reasonable long-term revenue forecasts, end the oil tax credit program in 2016, and only use temporary supplemental revenues if needed to balance the budget without harming the overall economy. Codifying this sustainable budget approach would help put Alaska on a path to fiscal stability.

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Representatives from the Alaska State Legislature express concerns in a letter to Speaker Chenault regarding a plan to transfer funds from the Permanent Fund Earnings Reserve to help fund the FY2016 operating budget. They consulted constituents who have not felt the full impacts of budget cuts or contemplated future sacrifices. Transferring funds from the reserve so suddenly will sow confusion and mistrust among Alaskans and should go before voters. The representatives fear impacts to PFDs cannot be properly evaluated and transferring funds may impact the reserve's role in reaching sustainable budgets and financing a gas line. They do not intend to vote for the plan and urge continuing negotiations to access the Constitutional Budget Reserve.

Scott Goldsmith: What Is a Sustainable Draw from the Permanent Fund?

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This document discusses proposals for sustainably drawing from Alaska's Permanent Fund to fund the state government budget. It analyzes drawing different percentages of the fund's total value each year while accounting for factors like population growth, inflation, expected oil revenue declines, and investment returns. The optimal draw rate depends on estimates of Alaska's total resource "endowment" including both financial assets and future expected oil revenues. Scenarios where 4-5% of the total endowment could be drawn annually for decades while sustaining the fund's principal are presented.

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This document provides information about the Alaska Energy Markets and Regulation Conference taking place on December 12-13, 2016 in Anchorage, Alaska. It includes an agenda with speakers from government agencies, energy companies, and law firms discussing topics like federal and state energy policy, oil and gas markets, the Alaska LNG export project, and litigation relating to energy production. Attendees can receive CLE credits. The conference will provide updates on key issues driving Alaska's energy future.

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The document summarizes Alaska's fiscal situation given declining oil prices and revenues. It finds that (1) if oil prices remain around $85, Alaska will face a $3.3 billion deficit draining its savings within 3 years; (2) revenues depend on uncertain oil prices and new production, but even if production increases are realized, taxes or spending cuts will still be needed; and (3) to avoid an economic crisis, Alaska must implement sustainable budgeting that lives within its means through savings to supplement volatile revenues over time.

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By invitation, we testified before the Alaska House Resources Committee on March 15, 2024, on Southcentral Gas Supply. The presentation was part of the Committee's look into the implications of the challenges currently facing Cook Inlet gas supplies. The presentation addressed both energy and fiscal policy. Our theme was simple: " Let the market decide" and no subsidies. But if there are subsidies, they should be paid for other than through PFD cuts. The slide-deck we used is attached here. The hearing itself is available at https://bit.ly/48YyBFf.

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