Wrangell Sentinel -

The State of Alaska has been operating at a deficit. This is nothing new and has been the primary challenge for the Legislature over the past five years. However, this year, some new wrenches were thrown into the equation: decreasing oil prices and the stock market. Unfortunately, the State of Alaska revenue comes almost solely from those two sources. For decades, oil covered over 80% of our budget until oil prices and production decreased and we began relying on savings and the Percent of Market Value (POMV) draw. Now, oil accounts for approximately 20% of our revenue. Despite that decreas...