The State of Alaska will earn more money from oil than previously expected, but it still faces a multibillion-dollar deficit, according to new predictions released by the Alaska Department of Revenue at noon Friday.

According to the state’s annual spring revenue forecast, Alaska will earn $2.34 billion in “unrestricted general fund” revenue in the current fiscal year. In fiscal year 2019, which starts July 1, the state is expected to earn $2.26 million.

“It’s good news, but it’s not earthshattering in the sense that we’re facing a $2.5 billion budget deficit again this year, and there are still things we need to do at the state level to stabilize Alaska’s economy,” said Sen. Anna MacKinnon, R-Eagle River and co-chair of the Senate Finance Committee.

“I think it’s good news but not the kind of news you could take out cheerleader pom-poms for,” said Rep. Les Gara, D-Anchorage and vice chair of the House Finance Committee.

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