The Alaska Department of Revenue forecast on March 12 that the state will see a bigger budget deficit in the next fiscal year due to lower oil prices.
Oil prices have dropped about $10 a barrel since early January as the market reacts to risks of U.S.-instigated trade wars, a weakened global economy and new oil supplies exceeding demand.
Oil taxes and royalties are the second-largest source of general fund revenue for the state budget, behind only Permanent Fund earnings.
The Alaska Legislature is facing a combined $650 million shortfall over two fiscal years based on status quo spending, prom...
Reader Comments(0)