Alaska Governor Mike Dunleavy re-emphasizes public safety, PFD, education and infrastructure as priorities for his supplemental budget and the proposed budget for Fiscal Year 2023. The Governor’s proposed budget continues the trend of less state spending while still investing in essential services for the people of Alaska. This budget begins to rebuild Alaska’s infrastructure, restore Alaskans’ fair share of oil revenues, and invest long-term in Alaska’s most vulnerable.
“My administration continues to prioritize funding for core services and efforts that will grow Alaska’s economy,” said Governor Dunleavy. “We are ramping up support for public safety, fully-funding education, providing some local governments 100 percent of school bond debt reimbursement, gaining momentum behind the G.O. bond proposal, and committing to a full 50/50 PFD that Alaskans expect and deserve. The truth is this budget is balanced with a significant revenue surplus. I look forward to working with the Legislature to pass a budget that benefits all Alaskans.”
The supplemental budget includes a spring PFD payment coinciding with the 50/50 plan of $1,250 per eligible Alaskan and a 2022 PFD of $2,500. With inflation at a 40-year high, recent studies indicate that inflation costs Americans up to $3,500 per year. The latest Alaska Revenue forecast indicates a combined surplus of $1.6 billion in Fiscal Year 2022 and Fiscal Year 2023. With Government finances improving, Governor Dunleavy continues to encourage the Legislature to help the everyday Alaskans who need the PFD to help offset high costs of fuel and food.
The Dunleavy Administration is pleased to see that the G.O. bond package, which invests in transportation for Alaska, while improving safety, and creating jobs, is gaining momentum. The infrastructure law from the Biden Administration does not cover the specific projects this package includes. Alaska is perfectly positioned for the G.O. Bond package because the cost of borrowing is less than the State’s average annual returns and debt service costs are affordable right now.
Governor Dunleavy added, “I am hopeful that the rest of this session can be dedicated to strengthening economic development and essential state services so that we can form a meaningful difference in the lives of all Alaskans. We can move Alaska forward and work together to pass this balanced budget into a more sustainable and productive future. We are focused on keeping Alaskans safe, developing much-needed infrastructure, and funding the PFD to help Alaskans during this time of high inflation.”