Gov. Mike Dunleavy has signed the budget for the fiscal year that starts on Friday, announcing over $400 million in vetoes to a spending plan that is partly predicated on the continuation of high oil prices.
“We think this a great budget for the state of Alaska,” Dunleavy said during a press conference in which he was surrounded by dignitaries and leading Alaska figures.
Over $1.2 billion has been set aside to fund K-12 education one year ahead of time and there is an increase to the school funding formula. But parts of this saving and spending plan are contingent on oil pricesIf the price of oil averages below $103 a barrel over the next fiscal year, a $1.6-billion deposit into savings would not occur. If oil averages less than $90 a barrel over the same period, forward funding of education couldn’t happen, either, but the budget would remain balanced.
“I felt like the process has been fair,” said Sen. Tom Begich, D-Anchorage. “I felt that we have really managed to build a dialogue.” There were vetoes made to smaller grants like $4.5 million to the Alaska Food Bank, and $1.5 million in extra funding for rural public radio stations.state those vetoes were made to keep money in the state treasury to bolster savings accounts.
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