Bill Walker on Budget & Economy

	Bill Walker on Budget & Economy

With oil prices low, we have made cuts & must cut more

State revenues are down more than 80% from four years ago. During that period, we've cut the budget 44%. But we still face a $3 billion fiscal gap. Oil prices hover around $50 per barrel. It would take a price of over $100 a barrel for a long period of time to solve our fiscal problem. Or it would require tripling the flow of oil in the pipeline. Neither is expected anytime soon.

Alaska is in the midst of the gravest fiscal crisis in state history. Alaskans made clear that before accepting new revenues, major budget cuts need to be made. My message to Alaskans is this: We heard you, and we have acted. During my tenure, we have cut more than $1.7 billion in unrestricted general fund spending. We have reduced the capital budget by 80%. We are shrinking the footprint of government through shared administrative services, improved technology, and efficiencies.

Source: 2017 State of the State address to Alaska Legislature , Jan 18, 2017

Strengthen budget savings plan

I introduced the Alaska Permanent Fund Protection Act. If we don't make significant changes in how we fund government, we will drain the constitutional budget reserve within two years and the permanent fund earnings reserve in another two years. The Permanent Fund Protection Act makes the permanent fund stronger by directing additional revenues to it. It puts government on an allowance; and it makes the permanent fund permanent. Q Source: 2016 State of the State speech to Alaska legislature , Jan 21, 2016

Natural resource royalties to be paid out in dividends

My plan makes half of the state's share of our natural resource royalties go toward dividends. The first year, dividend checks will be funded at a flat thousand dollars for each qualified resident. Since the program began, the average dividend check has been about $1,150. Going forward, dividends would be tied to resource royalties. There will be no cap on the dividend. When new oil flows through TAPS, oil prices rise, or the gasline project is built, dividends will go up. Source: 2016 State of the State speech to Alaska legislature , Jan 21, 2016

Low oil prices mean millions in state budget deficit

We know that Alaska is experiencing a significant drop in revenue. The price of oil has dropped by more than 50% over the past six months. This has moved us from a $7 million-per-day deficit just six months ago to a $10 million-per-day deficit today. This is unsustainable. It's unacceptable. We can and we will do better.

This isn't the first time our young state has been through tough times. Many of you in this room served during the days of $9-a-barrel oil during the recession of the 1980s. Today, we have fewer than 500,000 barrels per day flowing through the pipeline. The impact of the low prices is intensified by low production.

Today, we are faced with a $3.5 billion deficit, and using $10 million every day from our savings. Some might call this a crisis. I call this a challenge and an opportunity. We have an opportunity to make impactful and constructive changes; to challenge the traditional ways of doing business.

Source: State of the State address to 2015 Alaska Legislature , Jan 22, 2015

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