{"pk":46699,"title":"Uncharted Waters:  Alaska’s 2015 Budget Process","subtitle":null,"abstract":"After a bland start to the 2014 legislative session, fiscal year 2015 became interesting (and challenging) due to the defeat of an incumbent Republican governor and a rapid decline in the global price of oil.  Because taxes on oil generate around 90% of Alaska’s non-transfer revenues, and oil production from Alaska’s North Slope oilfields has been in decline since the late 1980s, the state faced a significant deficit going into FY2015. The decline in revenue led the legislature to pass a significantly reduced budget for FY 2015. At the same time, Alaska’s sovereign investments have increased in size in recent years and the state’s savings and investments totaled more than $60 billion, leaving it with reasonable options for balancing its budget over the long term, but no clear strategy for the future.","language":"en","license":null,"keywords":[{"word":"Western State Budget Report"},{"word":"alaska"},{"word":"fiscal policy"},{"word":"taxes"},{"word":"Oil"},{"word":"Alaska Permanent Fund"}],"section":"Articles","is_remote":true,"remote_url":"https://escholarship.org/uc/item/4nf5h06z","frozenauthors":[{"first_name":"Wright","middle_name":"","last_name":"Glenn","name_suffix":"","institution":"University of Alaska Southeast","department":"None"},{"first_name":"Jerry","middle_name":"","last_name":"McBeath","name_suffix":"","institution":"University of Alaska Fairbanks","department":"None"}],"date_submitted":"2016-02-11T18:52:26-05:00","date_accepted":"2016-02-11T18:52:26-05:00","date_published":"2015-12-31T19:00:00-05:00","render_galley":null,"galleys":[{"label":"","type":"pdf","path":"https://journalpub.escholarship.org/cjpp/article/46699/galley/35345/download/"}]}