Alaska state budget (2008-2009)
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
Alaska faced a $1.65 billion budget shortfall for fiscal year 2009 and a similar shortfall for fiscal year 2010, $1.25 billion, due to drops in oil revenue.[1][2] In early January 2009 Senate President Gary Stevens stated that the state was facing a budget deficit as large as $2 to $3 billion for FY 2010.[3]
Budget background
- See also: Alaska state budget and finances
Alaska's fiscal year runs from July 1 to June 30 of the following year, with year-end accruals made through August. Every state agency submits requests and statistics on revenue and spending to the governor; the governor in turn must submit a recommended budget to the legislature by December 15. The legislature convenes on the third Tuesday in January. Once the House and Senate approve and make any necessary changes to the budget bill, the bill is passed back to the governor. If an appropriation bill is transmitted to the governor after session, the governor has 20 days to review the bill and exercise line-item veto power.[4]
- FY 2009's budget included $5 billion in spending from the state’s general funds, a 34 percent increase over FY 2008's budget.[5]
Budget figures
The following table provides a history of Alaska' expenditures and gross domestic product (GDP).
| Fiscal year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $8.5[6] | $27.0[6] |
| 2001 | $9.0[6] | $26.6[6] |
| 2002 | $9.4[6] | $29.2[6] |
| 2003 | $9.7[6] | $31.2[6] |
| 2004 | $10.0[6] | $35.1[6] |
| 2005 | $10.0[6] | $39.3[6] |
| 2006 | $10.8[6] | $43.1[6] |
| 2007 | $11.6[6] | $44.5[6] |
| 2008 | $12.5[6] | $46.0[6] |
| 2009 | $13.4*[6] | $47.5*[6] |
- NOTE: The figures for FY 2009 had not yet been finalized when this data was compiled.
Accounting
The Alaska State Constitution says in Section 9.14 that the State Legislature is to appoint an auditor at its pleasure, and that the auditor is responsible for performing post-audits, which are to be reported to the Legislature and Governor of Alaska.[7]
The Legislative Budget and Audit Committee is responsible for overseeing audits. The Committee is composed of five members from the Senate and five members from the House of Representatives.[8]
Under the Legislative Budget and Audit Committee, there is the Legislative Audit Agency. This agency performs audits that are reviewed by the Legislative Budget and Audit Committee. Audits are performed by this agency in order to ensure that Alaska state administrators comply with financial regulations and adequately manage their state programs. In addition, the agency performs any special audits that are requested by legislator who sit on the Legislative and Budget and Audit Committee.[9]
The Legislative Audit Agency is headed by the Legislative Auditor.[10]
See also
- Alaska government sector lobbying
Footnotes
- ↑ Anchorage Daily News, "Alaska budget hole is $1.65 billion," February 4,2009
- ↑ Reuters, "Alaska sees $1.25 billion budget gap on oil price drop," February 19,2009
- ↑ Juneau Empire, "Declining oil prices leave state facing shortfall," January 21, 2009
- ↑ State of Alaska, "Life cycle of a budget," accessed March 25,2009
- ↑ Fairbanks Daily News-Miner, "A closer look at Palin’s budget cut claims," September 6,2008
- ↑ 6.00 6.01 6.02 6.03 6.04 6.05 6.06 6.07 6.08 6.09 6.10 6.11 6.12 6.13 6.14 6.15 6.16 6.17 6.18 6.19 US Government Spending, "Alaska State and Local spending," accessed March 25,2009
- ↑ Alaska State Constitution, Section9.14.
- ↑ Legislative Budget and Audit Committee, 2009-2010 Membership
- ↑ Alaska Division of Legislative Audit, Organization and Function
- ↑ Alaska Division of Legislative Audit, Organizational Chart
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