Alaska finances better, not good, new report suggests

Alaska finances better, not good, new report suggests

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.

For the rest of this story, visit the Juneau Empire.

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