Alaska Lawmakers Gamble on Oil Revenues

0:00It's March 27. This is Anchorage News Today, driven by AI. Alaska law makers just passed a stopgab budget bill worth nearly $450 million to cover key state expenses from the past year. The measure funds things like disaster relief, fire suppression, education grants, corrections over time, and public assistance programs. Instead of tapping into savings right away, they're betting on higher ore revenues driven by global tensions. The bill sailed through the Senate with a 19-1 vote and got unanimous approval from all 40 House members. It includes $70 million to help unlock $630 million in federal construction grants, which is crucial for the summer building. Season. A special committee worked out the final differences between the two chambers over the past week. House Speaker Bryce Edgman voiced worries about sending the bill to the governor without a firm backup plan from the state's $3 billion dollar savings account. He called it a risky move in Alaska's history since oil prices can swing wildly.

1:04Republicans in the House Minority, though, express confidence that projected revenues will cover everything without needing reserves now. Lawmakers tied the funding to oil prices, averaging about $74 per barrel through the end of the fiscal year on June 30. Votes to draw from savings failed again this week, with the Senate approving is 16 to 4, but the House falling short at 22 to 18. They plan to revisit if revenues fall short. The bill now heads to Governor Mike Dunlevy, who can sign it, veto it, or let it become law. The House will stay on oil markets to see if this gamble pays off for Alaska's budget.