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Joint Finance Committee Presentation on Alaska's pending fiscal crisis

Joint Finance meeting, March 19.

Joint Finance meeting, March 19.

PHOTO: Courtesy of Senate Majority Press Office

Good Morning Everyone!

In case you missed it- University of Alaska-Anchorage Economist Scott Goldsmith made a presentation to the Joint Senate-House Finance Committee this morning about the state’s pending fiscal crisis and what could happen if the State doesn’t immediately address declining revenues. 

During his presentation, Mr. Goldsmith also laid out a road map for a sustainable future for Alaska.

Mr. Goldsmith is a public policy researcher at the Institute of Social and Economic Research (ISER) of the University of Alaska Anchorage since 1975 and became Institute Director in 2001.

Here are a few interesting facts from the presentation:

  • Alaska’s cash reserves will run out in 2023 unless revenue situation changes (i.e. increase in oil production or drastic cuts to state spending)
  • Alaska needs to create a plan to sustain the ‘nest egg’ grown from petroleum revenues
  • Alaska still has large reserves of oil in the ground

Powerpoint presentation- http://alaskasenate.org/Docs/ISER_Presentation.pdf

3/19/2013 9:00 a.m. | Location: Senate Finance 532
Scott Goldsmith Institute of Social and Economic Research
Maximum Sustainable Yield: Wealth Management for the "Owner State"

 

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