Alaska Lawmakers Face Oil Revenue Surprise

0:00Reporting from the Daily News. Now I'm Cory with the latest in Anchorage. Alaska lawmakers are dealing with a surprise forecast from the Department of Revenue predicting up to $500 million more in oil revenue by June 30. Higher oil prices have boosted expectations for hundreds of millions extra right in the middle of budget talks. This new projection hit during debates over nearly $530 million in added spending, mostly pushed by Governor Mike Dunleoby since last spring. The Senate already okayed using savings for about three quarters of those costs, and the measure heads to the House for a vote, possibly as soon as. Monday, tensions are running high in the House, where the majority coalition pushes to draw from the Constitutional Budget Reserve for guaranteed funds. They highlight $70 million for transportation projects that could unlock over $630 million in federal aid, stressing delays. They support construction plans and summer hiring. Minority Republicans are reluctant to approve the reserve draw, fearing oil prices could drop

1:03if global tensions ease. The bill less majority spend up to $373 million from savings on other items if the windfall falls short, without. Needing minority votes later. Lawmakers remain cautious about the uncertain forecast, with some saying it's risky to count on it for balancing the budget. As of Friday, the supplemental might pass without reserve money, putting Alaska in the spot of rooting for sustained high oil prices to avoid shortfalls. The Daily News Now is powered by our sponsor. When you want calm, do not reach for your phone. Lay back and listen. S-O-L-I, solelypillow.com.