Tag: ACES

Did SB21 Cause Our Budget Problems?

August 16, 2018August 16, 2018 Ed King

I recently saw a social media post that said something to the effect of “the reason the State is broke is because of the oil tax giveaway back in 2013.” […]

Government, Oil IndustryACES, oil, tax credits, tax systemLeave a comment

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By the Numbers
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Oil Industry

ANS Oil Price (as of 12/4/18)

Most Recent: $61.34

30-day Avg: $69.43

Fiscal-Year-to-Date Avg: $74.92

FY19 Projected Avg: $65.55

Alaska North Slope Oil Production (as of 12/3/18)

Most recent TAPS: 518,192

30-day Avg. TAPS: 527,990

Fiscal-YTD TAPS: 481,999

FY19 Projected TAPS: 507,056

FY19 Projected AOGCC: 515,824

*TAPS = Average number of barrels per day pumped into the Trans-Alaska Pipeline System

*AOGCC = Average number of barrels per day reported to the Alaska Oil and Gas Conservation Commission as being produced

Alaska Labor Force (Oct. 2018)

Current # of Workers: 334,324 (down 1,166)

Current # Seeking Work: 19,813 (up 697)

Current Unemployment Rate: 5.8% (up 0.2%)

Official Unemployment Rate: 6.4% (down 0.1%)

Alaska Budget – Fiscal Year 2019

Estimated Total State Revenues*: $6.1 billion

Total Authorized State Expenditures**: $6.8 billion

Net State Cash Flow: -$0.7 billion

*includes investment earnings and designated general funds, but not “other” accounts.

**includes PFD and DGF items, but not “other” items.

FY20 Budget Projection

Projected State Revenues: $10.3 billion

FY19 Budget Plus Adjustments*: $7.8 billion

Projected Net State Cash Flow: +$2.5 billion

*adjusted for inflation, population, full FY20 PFD, and known changes in state obligations. Any budget cuts would reduce this number. Repayment of past PFDs would increase this number.

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