The Senate’s operating budget chair, Sen. Bert Stedman, R-Sitka, said the state has been “blessed” the last couple of years by high oil prices. But Stedman warned that high prices won’t last forever.
Senate Finance Committee Co-Chair Sen. Bert Stedman , R-Sitka, listens to testimony from Alaska Department of Transportation and Public Facilities Commissioner Ryan Anderson on Feb. 28, 2024.
“I would suggest that we use a reasonable dividend expectation that can be attained going forward so we don’t put ourselves in a position where we have fairly strong dividends and we get up one year and there is no dividend. That’s what I want to avoid,” Stedman told reporters on Tuesday. “I think that the bigger question would be, would we be able to go into the Constitutional Budget Reserve, and have the votes available for that?” Tilton said in a news conference.
The Dunleavy administration has resisted the federal government’s call to pay up, saying the state’s funding formula did not change over the life of the grant. Though a policy expert recently told senators that many states initially failed to comply with the requirement, Alaska is the only state that has yet to resolve the issue.
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