Alaska Revenue Commissioner Randall Hoffbeck says a forecast calling for higher-than-expected revenue this year and next will help the state’s fiscal situation.
But he says it doesn’t eliminate the need for a comprehensive plan to address Alaska’s multibillion-dollar deficit.
His department projects for this year and next increases of about $200 million in unrestricted general fund revenue compared to last fall’s forecast.
Tax division director Ken Alper attributes this year’s increase to higher-than-expected production and oil prices.
He says much of the projected increase for next year comes from a change in how credits can be applied by companies in calculating oil taxes.
Senators requested more information Friday on the impact that oil production might have on next year’s revenue estimates. Those estimates did not include updated production projections.