Alaska State Legislature
News from the Senate Majority

Wendy Lindskoog, Senate Majority Press Secretary
716 West 4th Avenue, Suite 510
Anchorage, Alaska 99501
Phone: 907/269-8184
http://www.akrepublicans.org
Broadcast Actualities: 800/478-6540

What’s the State of Alaska’s Budget?

Senator John Torgerson to Discuss
Alaska’s Financial Outlook on Tuesday

For Immediate Release: December 14, 1998 Contact: Senator John Torgerson at (907) 283-2690.

Alaska’s economy is good. The State’s bond rating is up. Unemployment is low. Is there something to be concerned about?

Anchorage – Senator John Torgerson, Co-chair elect of the Senate Finance Committee, will discuss Alaska’s financial outlook in a speech to the Fairbanks Chamber of Commerce on Tuesday at a noon lunch meeting. The meeting will take place December 15th at the Westmark Hotel in Fairbanks from 12:00 to 1:00 p.m.

In his speech, Torgerson will review the State’s current financial status, discuss the implications of continued low oil prices * and production, and outline the many challenges facing legislators as they head to Juneau with a FY 99 billion dollar budget shortfall.

"Both the state and national economies are strong and most people have jobs. Consequently, Alaskans have lost sight of the very real crisis we face in funding state government," said Torgerson. "Despite responsible budget cuts and adherence to the Republican Majority’s Five-Year Budget Plan, depressed worldwide oil prices and production declines have created a huge fiscal gap."

"Our State’s budget and fiscal situation needs serious attention," Torgerson said. Alaskans must recognize the severity of the problem and work together to find workable and politically possible solutions."

Torgerson noted that the Senate Republican Majority proposes continued spending reductions as we work with the state’s other leaders and the public to develop a long-term solution. The immediate plan follows:

  1. We challenge the governor to ask his departments to immediately "tighten their belts." We suggest he direct his agencies to make further real reductions in Fiscal Year 1999 spending and present legislation on the first day of session that proposes those specific reductions.
  2. We expect the governor’s supplemental spending requests for this fiscal year to be net zero spending increases.
  3. We challenge the governor to propose a fiscal year 2000 budget that makes additional real spending cuts.

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Media Note: Media representatives are invited to attend. Senator John Torgerson and Representative Gene Therriault will be available for interviews after the luncheon.

* PC MicroSoft 5.0 Excel format