Understanding Alaska's Budget

Friends and neighbors –

By now, we’re all aware that Alaska is facing a serious fiscal crisis – unprecedented, in fact. The Alaska State Legislature is grappling with different ways to address the budget deficit and provide for a sustainable economic future, and there are many ideas on what direction to take. As part of this conversation, many expert resources are shared with us as we consider and debate these important, economic decisions.

As a member of the Legislature, I feel it is important to pass these resources directly along to you. I know how hard it can be to sift through the talking points and news articles to get to an information source, and usually it’s hard to find what you’re looking for all in one place. So, as residents across Alaska have conversations about our state’s future, I offer this resource page of unfiltered information for your consideration.

There’s no doubt – this list could take hours to read through. It certainly has for me. If you decide to dig in and have questions along the way, please don’t hesitate to contact me! I’m more than happy to chat and answer questions you may have regarding these or other documents.

Warmly,

[signed] Jason

Representative Jason Grenn


RESOURCES

Overview: An Employment Projection Comparison of Major Fiscal Plans
Overview: An Employment Projection Comparison of Major Fiscal Plans
Source: Northern Economics, Inc.
Date: Presented May 5, 2017
Description: Presentation to the House Finance Committee showing the economic impact of the two fiscal plans proposed by the House and Senate.
 
http://akhouse.org/grenn/docs/050517_Northern-Economics-Plan-Comparison-Senate-House.pdf

 

Examples of State Cuts and Closures to Date
Examples of State Cuts and Closures to Date
Source: State of Alaska, Office of the Governor
Date: December 15, 2016
Description: A list of State of Alaska cuts and closures from FY2015 to FY2017.
 
https://gov.alaska.gov/newsroom/2016/12/examples-of-state-cuts-and-closures-to-date/

 

Northern Opportunity: Alaska’s Economic Strategy
Northern Opportunity: Alaska’s Economic Strategy
Source: Alaska Department of Commerce Community, and Economic Development
Date: May 2017
Description: A five-year economic development plan for the State of Alaska focused on generating quality jobs, capital investment, and new revenue. Action items outlined in
the strategy focus on six areas:
•   Business Development
•   Finance and Investment
•   Enterprise Infrastructure
•   Entrepreneurship and Innovation
•   Economic Development Capacity Building
•   Quality of Life

https://northernopportunity.com/wp-content/uploads/2017/05/FINAL-DRAFT-State-of-Alaska-Comprehensive-Economic-Development-Strategy.pdf

 

Effect of Alaska Fiscal Options On Children and Families
Effect of Alaska Fiscal Options On Children and Families
Source: Institute of Social and Economic Research (ISER)
Date: February 2017
Description: An analysis discussing how different revenue options would impact Alaskan families and children.
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17399

 

How Much Might Closing the State Budget Gap Cost Alaska Families?
How Much Might Closing the State Budget Gap Cost Alaska Families?
Source: Institute of Social and Economic Research (ISER)
Date: February 2017
Description: A research summary of how different revenue options would impact Alaskan families and children.
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17415

 

Analysis of Alaska’s Per Capita Budget
Analysis of Alaska’s Per Capita Budget
Source: State of Alaska, Office of Management and Budget
Date: April 26, 2017
Description: An analysis explaining some of the reasons for high per capita spending in Alaska.
 
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17447

 

SB 26 / HB 115 / HB 111 Fiscal Plan
SB 26 / HB 115 / HB 111 Fiscal Plan
Source: Legislative Finance Division (non-partisan)
Date: May 1, 2017
Description: Presentation to the House Finance Committee providing a brief analysis of the fiscal impact of combining Senate Bill 26 (Permanent Fund Earnings Reserve Account restructure), House Bill 115 (income tax) and House Bill 111 (oil tax credit reform).
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17405

 

Overview: The Economy & Fiscal Policy
Overview: The Economy & Fiscal Policy
Source: Alaska Department of Revenue
Date: Presented May 4, 2017
Description: Presentation to the House Finance Committee providing an overview on the state of Alaska’s economy, revenue issues, expenditures and causes of destabilization.
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17468

 

State Budget and the Economy
State Budget and the Economy
Source: State of Alaska, Office of Management and Budget
Date: Presented May 4, 2017
Description: Presentation to the House Finance Committee providing an overview of cuts to date,  per capita spending, additional proposed budget cuts and their potential impacts.
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17460

 

Northern Economics Report
Northern Economics Report
Source: Northern Economics, Inc.
Date: April 5, 2017
Description: Analysis of the financial impact on Alaska households of the current fiscal options being considered by the Alaska Legislature, particularly House Bill 115 (by the Alaska House Majority), Senate Bill 26 (by the Alaska Senate Majority), and the Governor’s fiscal plan.
http://www.akleg.gov/basis/get_documents.asp?session=30&docid=17400

 

What Do We Know About the Alaska Economy and Where is it Heading?
What Do We Know About the Alaska Economy and Where is it Heading?
Source: Institute of Social and Economic Research (ISER)
Date: January 18, 2017
Description: Presentation focused on Alaska’s economy over the last two years, the effects thus far of declining revenue on different sectors, and an outlook on our economic future.
http://www.iser.uaa.alaska.edu/Publications/presentations/2017_01_18-WhatDoWeKnowAKEconomy.pdf

 

Income Tax Offers Alaska a Brighter Fiscal Future
Income Tax Offers Alaska a Brighter Fiscal Future
Source: Institute on Taxation and Economic Policy (ITEP)
Date: July 12, 2016
Description: Five key facts that Alaskans and their elected officials should keep in mind when comparing the merits of a sales tax versus a personal income tax.
http://itep.org/itep_reports/2016/07/income-tax-offers-alaska-a-brighter-fiscal-future-than-sales-tax-1.php#.WRJZFWnyuUk

 

Comparing the Distributional Impact of Revenue Options in Alaska
Comparing the Distributional Impact of Revenue Options in Alaska
Source: Institute on Taxation and Economic Policy (ITEP)
Date: April 24, 2017
Description: Report examining five approaches for replacing some of the oil revenue that is no longer available: enacting a broad personal income tax, state sales tax, payroll tax, investment income tax, or cutting the Permanent Fund Dividend (PFD).
http://itep.org/itep_reports/2017/04/comparing-the-distributional-impact-of-revenue-options-in-alaska.php#.WRJauWnyuUk

 

Alaska Income Tax Calculator

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