Alaska Ordinance Adopting the Budget
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FAQ
The State government is divided into three specific entities that were established by the Alaska Constitution. The three branches that were created are the Executive, Legislative, and Judicial branches.
Governor Dunleavy Signs FY24 State Budget Prioritizing Public Safety, Education and Economic Development. Yesterday, Alaska Governor Mike Dunleavy signed the Fiscal Year 2024 state operating and capital budgets into law.
Income. Counties, townships, cities, and states collect some of their money from licenses and fees and state-operated businesses, but about half of state revenue comes from taxes. Two other sources of income are grants from the federal government and, in some states, lotteries.
The Statutory Budget Reserve was created to cover General Fund shortfalls using "excess revenues" from more profitable years. $1 billion in the Statutory Budget Reserve, which remains in the account today. purpose for a short period of time before lying empty for over a decade.
Alaska's budget basics Per the US Census Bureau, Alaska's combined state and local direct general expenditures were $13.7 billion in FY 2021 (the most recent year census data were available), or $18,752 per capita.
WHY IS FEDERAL SPENDING SO IMPORTANT? Federal spending is so important to Alaska because only the federal government and a handful of private industries?oil, tourism, commercial fishing, mining, log- ging?bring in the new money that makes the economy grow.
Alaska Governor Mike Dunleavy signed the state's fiscal 2024 budget into law on June 19, while also announcing line-item vetoes. The budget provides for total expenditures (including capital) of $12.3 billion in fiscal 2024, a 10.8 percent decline from fiscal 2023.
Alaska Governor Mike Dunleavy signed the state's fiscal 2024 budget into law on June 19, while also announcing line-item vetoes. The budget provides for total expenditures (including capital) of $12.3 billion in fiscal 2024, a 10.8 percent decline from fiscal 2023.
Alaska also collects a relatively large amount of revenue from severance taxes, which are taxes on the extraction of natural resources such as oil and natural gas. Alaska's per capita severance tax revenue was $530 in 2021.
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.