Alaska Recommended Spending Percentages
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This category includes entitlement programs such as Social Security, Medicare, and unemployment compensation. It also includes welfare programs such as Medicaid. Social Security will be the biggest expense, budgeted at $1.196 trillion. It's followed by Medicare at $766 billion and Medicaid at $571 billion.
Most of local government spending is on services like water, electricity, sewage, waste removal, roads and facilities.
The oil and gas industry is the largest component of Alaska's economy. Nearly 85 percent of the state budget is supplied by oil revenues. The fortunes of Alaska's oil industry, and therefore many sectors of the economy, are dependent upon world oil prices.
Alaska spends its money in four main ways: providing services to Alaskans (the operations budget); building and maintaining statewide infrastructure (the capital budget); saving for the future; and paying Permanent Fund dividends to Alaska residents.
The table below notes what share of Alaska's general revenues came from the federal government in 2014. That year, Alaska received approximately $2.8 billion in federal aid, 26.9 percent of the state's general revenues.
As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.
The oil and gas industry is the largest component of Alaska's economy. Nearly 85 percent of the state budget is supplied by oil revenues. The fortunes of Alaska's oil industry, and therefore many sectors of the economy, are dependent upon world oil prices.
The table below notes what share of Alaska's general revenues came from the federal government in 2014. That year, Alaska received approximately $2.8 billion in federal aid, 26.9 percent of the state's general revenues.
Instead of collecting sales taxes and personal income taxes, the Alaska state government relies on other types of taxes (including excise and severance taxes) to fund its operations. Most of its revenue comes from gas production and oil drilling.
