Governor Mike Dunleavy signed the Fiscal Year 2026 budget for the State of Alaska on June 12, 2025. After vetoes, the state budget amounts to $14.7 billion.
The Spring Revenue Forecast projected $68 per barrel oil in FY2026. However, market dynamics have changed since March. The state has experienced lower oil prices, and oil price outlooks continue to fluctuate. In an updated revenue outlook, the Alaska Department of Revenue projects general fund revenue may be $222 million lower than was projected in the Spring Revenue Forecast.
Governor Dunleavy’s vetoes correspond to the reduced revenue outlook. The Governor’s vetoes total $122 million.
Watch Governor Dunleavy’s remarks on the FY2026 budget below:
The budget visualization below shows the proportionate size of each component of the operating budget. Select a department from the drop-down menu or click on the border of a section to view a department’s budget in greater detail.
All budget documents are published on the Office of Management and Budget website. Additionally, find the DOR Revenue update here.
