>AKFUTURE.ORG. Alaska’s Future WE ARE:A statewide coalition of Alaskans joined together to promote a solution to the budget deficit that threatens Alaska’s.

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Presentation transcript:

>AKFUTURE.ORG

Alaska’s Future WE ARE:A statewide coalition of Alaskans joined together to promote a solution to the budget deficit that threatens Alaska’s future. WE AGREE: Every conceivable solution to Alaska’s budget deficit requires using Permanent Fund earnings to support essential public services. OUR MISSION: Cultivate the broad based public support necessary to convince the Legislature during the 2016 legislative session to use Permanent Fund earnings to significantly reduce the deficit, support essential public services and maintain a sustainable dividend and a healthy Permanent Fund. This is the first step toward a stable economic foundation for Alaska.

>AKFUTURE.ORG Alaska’s Future Co-Chairs Eleanor Andrews Vince Beltrami (AK AFL-CIO) Ron Duncan (GCI) Governor Tony Knowles Sophie Minich (CIRI) Steve Frank (Former State Senator) Helvi Sandvik (NANA)

>AKFUTURE.ORG Dependence = Vulnerability

>AKFUTURE.ORG Status Quo Is Not Sustainable Even at $50/Barrel Constitutional Budget Reserve runs out by September Will then have to use the Permanent Fund Earnings Reserve and the Permanent Fund Dividend will cease. Alaskans will then have to choose between invading the principal of the Permanent Fund or going bankrupt. The money will be gone! Before we run out of savings, the state economy will be hit by lower credit ratings, reduced business investment, job losses, reduced lending, and a depressed housing market. Won’t be able to fund gasline.

>AKFUTURE.ORG Rising Oil Prices Won’t Save Us Price would have to rise to $109/barrel for Alaska to break even. “We must stop pretending that oil can pay for everything.” – Fran Ulmer, Alaska Business Monthly, June 2015

>AKFUTURE.ORG Spending Vastly Exceeds Revenues

>AKFUTURE.ORG Deficits Will Quickly Consume Savings

>AKFUTURE.ORG Deficit Exceeds Two Largest State Expenditures

>AKFUTURE.ORG New Revenues Are Hard to Come By

>AKFUTURE.ORG Why Does it Matter? Savings from Constitutional Budget Reserve run out in 2018, then we will have to use the Permanent Fund Earnings Tapping these earnings without a plan means: −the Permanent Fund Dividend will cease −We will have to choose between invading the principal of the Permanent Fund or going bankrupt Even before we run out of savings, we will feel the hard effects: −Jobs will be lost −State projects will suffer from lower credit rating -- gasline −Home values will fall −Lending will freeze up – We must act now!

>AKFUTURE.ORG If we do nothing: CBR - $8 Billion to Zero in Under Three Years

>AKFUTURE.ORG Budget Cuts Alone Don’t Move the Needle

>AKFUTURE.ORG Cuts & Revenues of $500M each in Don’t Do Much $500 Million Each in Cuts and New Revenues Adopted in 2016 Session

>AKFUTURE.ORG Earnings from the Permanent Fund… Make a Difference

>AKFUTURE.ORG Earnings Plus Cuts and Revenues of $500M... Go a Long Way

>AKFUTURE.ORG Governor’s Plan Closes the Gap

>AKFUTURE.ORG When Do Savings Reach Zero?

>AKFUTURE.ORG We Can Keep a Sustainable Dividend Keeping the current dividend formula is choosing to end the dividend in three years

>AKFUTURE.ORG The Price of Inaction in 2016 is Huge Burning another $3-4 billion of savings limits options we have today to preserve the Permanent Fund/dividend and fund essential state services going forward. No combination of cuts/taxes alone will fill the budget hole. We are outspending revenues by more than $300 million each month. Waiting to act squanders our best opportunity to ensure Alaska’s future and protect Alaska jobs. – We must act now. – We must use our financial assets.

>AKFUTURE.ORG Alaskans Joining Together Will Secure Alaska’s Future Alaska’s Future is: business, labor, Alaska Native Organizations, nonprofits, members of all political parties, and current and former public officials joined together to promote a solution to the budget deficit that threatens Alaska’s future. We agree that we must act now. Mission: Cultivate the broad based public support necessary to convince the Legislature during the 2016 legislative session to use Permanent Fund earnings to significantly reduce the deficit, support essential public services and maintain a sustainable dividend and a healthy Permanent Fund. This is the first step toward a stable economic foundation for Alaska. Everyone’s Participation Matters!

>AKFUTURE.ORG What can you do? Join Alaska’s Future at For more information