Alaska shifts from oil to investments

Back when the North Slope was pumping 2 million barrels of crude a day at its peak in 1988, and even for years after, oil provided upward of 90% of state general fund revenues in good years. But that was then, and now oil generates maybe 25% of the state’s unrestricted dollars.
The king of the budget hill is the Alaska Permanent Fund. The annual draw on the fund to help pay for public services and the dividend will provide about two-thirds of the state’s unrestricted general revenues this year.
“We’ve gone from being an oil state to being an investment state,” said Rep. Ivy Spohnholz, in her fifth year in the state House and first year as chair of the House Special Committee on Ways and Means.

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