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Borough lobbyist says spring forecast and lease sale could ease pressure on Alaska budget; AKLNG, local school funding remain uncertain
Summary
At a March 19 work session, borough lobbyist Yuri Morgan told Fairbanks North Star Borough officials that a spring revenue forecast and a recent NPRA lease sale may add hundreds of millions to state coffers, potentially reducing the need to draw from the Constitutional Budget Reserve, but leaders are cautious and debate over AKLNG and education funding continues.
Yuri Morgan, the Fairbanks North Star Borough’s lobbyist with Morgan Partnership, LLC, told the Assembly Committee of the Whole on March 19 that the state’s spring revenue forecast and a recent lease sale in the National Petroleum Reserve–Alaska have created the potential for a sizeable near-term increase in state revenues.
“The updated forecast projects an additional 540 odd million dollars for the current fiscal year and then an additional 500,000,000 or so for the next fiscal year,” Morgan said, and he added the NPRA lease sale could yield “another 160,000,000 or so,” funds expected to be paid to the state between now and September. Morgan cautioned that the gains derive largely from current oil-futures prices and remain volatile.
Why it matters: a sudden revenue uptick could reduce…
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