The state revenue department says Alaska is expected to receive $400 million less than previously forecast in unrestricted general fund revenue for the upcoming year.
That announcement came to the Senate while debating the state’s operating budget.
Previously the department estimated $2.6 billion to be accrued by June 30 this year. That has been revised to $2.2 billion which is also the forecast for the year after that.
Low oil prices were cited by Revenue commissioner Randall Hoffbeck.
In a release, he said the state’s investment revenue continues to grow in significance and is likely to produce more than twice the revenue of oil going forward. Most investment revenue is not typically available for spending though, according to Hoffbeck.
