Commonwealth North Releases New Report on the State’s Budget
Rightsizing state spending is crucial first step
Commonwealth North is proud to announce the completion of our newest study and release of the report The States Operating Budget: Critical Crossroads, Choices, and Opportunities (Updated). This report was released to our membership and Alaskans yesterday.
The study group was chaired by Cheryl Frasca, Director of the Office of Management and Budget from 2002 to 2006, and Eric Wohlforth, Of Counsel with Jermain, Dunnagan & Owens, P.C., former Trustee of the Alaska Permanent Fund Corporation from 1995 to 2006, and Commissioner of the Department of Revenue from 1970-1972.
Our Fiscal Policy Study Group met nearly every week since June 2015 to bring an update to Commonwealth North Members and Alaskans on state spending since our first report on the State’s operating budget, released at the beginning of the 29th Legislative Session, and to offer recommendations to policy makers. While the good news is that progress has been made in reducing state spending over the last two years, concern continues that the state does not have the revenue to afford even this reduced level of recurring obligations in the operating budget.
Commonwealth North recognizes there are many approaches to addressing long-term stability for the state as well as its citizens. Commonwealth North’s Board of Directors believes that a crucial first step – rightsizing state spending – is a fundamental starting point for sustainable spending in the future, which will only be strengthened by stable and diverse revenue sources.
We commend the Governor and Legislature for efforts to date – but much more needs to be done. We hope that this report will assist the Governor and Legislators with finding new and different approaches that serve to strengthen resolve and help craft a new direction for the state in years ahead.
The report can be found on our website at www.commonwealthnorth.org/