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Home » Caucus Press » NEWS: Governor’s Budget Reveals Impacts of Massive Oil Giveaway

NEWS: Governor’s Budget Reveals Impacts of Massive Oil Giveaway

For Immediate Release: December 12th, 2013

Governor’s Budget Reveals Impacts of Massive Oil Giveaway

Senate Democrats react to budget that favors oil industry profits over Alaskans

 

         ANCHORAGE – Today Governor Parnell released his budget for fiscal year 2015. Prior to last year, Alaska had enjoyed a string of record budget surpluses, which enabled the bi-partisan led Senate to save nearly $17 billion. This Administration, in just a few short years, has transformed multi-billion dollar surpluses into multi-billion dollar deficits.

         Recently revised revenue projections from the Administration’s Department of Revenue acknowledge the state faces massive income shortfalls. Governor Parnell’s budget today, coupled with the drastic reduced revenue projections from last week, paints a dire financial picture for Alaska’s economic future.

         “Alaskans were pushed over a fiscal cliff by the Oil Wealth Giveaway. The huge deficits and impending budget cuts created by the giveaway are unnecessary, extreme, and bad public policy,” said Senate Democratic Caucus Leader Johnny Ellis (D-Anchorage).

         “Obviously SB 21 was not the cure for Alaska’s oil industry that we were promised. We are now trapped in the worst of both worlds, declining revenue and declining production,” stated Senator Hollis French (D-Anchorage).

         “If the governor wants an explanation for the explosion in state spending over the past five years, he should look no further than his own desk. He holds the veto pen and has supported the 6% year over year departmental budget increases while Alaskan children, seniors, veterans lose out. Alaskans rightfully wonder who he is working for,” said Senator Berta Gardner (D-Anchorage).

         “With budget cuts necessitated by revenue shortfalls due to the Giveaway, the Governor is putting Alaska into an economic tailspin. He has put our schools, roads, public safety, and the Permanent Fund at risk. For what?” stated Senator Bill Wielechowski (D-Anchorage).

         For more information contact Myer Hutchinson at (907) 957-8384.

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