Alaska's State Seal

Alaska State Legislature
News from the Senate Majority

Search Web Site by Keyword

Back to Home Page

Our Promise to Alaskans

What's New!

Members of the Majority Coalition

Subscribe to Legislative E-News

Press Releases, Audio Clips, and Archives

Research the Issues


Get Real Audio's Player Plug-In

Get Adobe's Acrobat Plug-In

Senator Sean Parnell Portrait of Senate Finance Co-Chair, Senator John Torgerson

Senator Sean Parnell
State Capitol, Room 518
Juneau, AK 99801-1182
Phone: (907) 465-2995
Fax: (907) 465-6592
Send E-Mail

Senator John Torgerson
State Capitol, Room 516
Juneau, AK 99801-1182
Phone: (907) 465-2828
Fax: (907) 465-4779
Send E-Mail

Senate Majority Calls for Public Vote on Long-Term Budget Plans

For Immediate Release: May 13, 1999
Contact: Senator Sean Parnell at (907) 465-2995 or
Senator John Torgerson at (907) 465-2828.

Juneau -- The Senate Majority Thursday unveiled a proposal to allow Alaskans to express their opinions on Alaska's financial future through an advisory vote. Senate Bill 76 authorizes a fall 1999 advisory vote that allows Alaskans the opportunity to vote on a long-term fiscal plan to address the state's $1 billion fiscal gap.

"The primary consideration for the Senate is that the public be involved in deciding Alaska's future," said Senate Finance Co-Chair Senator Sean Parnell (R-Anchorage). "We want to make sure any long-term fiscal plan that requires use of the Permanent Fund Earnings Reserve goes to a vote of the people before becoming law," he said.

The Senate Finance Committee also unveiled details of the Balanced Budget Plan, the Senate Majority's long-term fiscal plan.

"Any plan must preserve, protect and grow the Permanent Fund over the long haul," said Senator John Torgerson (R-Kasilof), Co-Chair of the Senate Finance Committee. "Our plan does all that, while also guaranteeing dividends. We're going to guarantee dividends, we are not guaranteeing or endowing government," he said.

"It's important that people realize, that given the decline in oil revenues and production, if we do nothing the dividend program could all but disappear in approximately 7 to 10 years," said Parnell. "Doing nothing is not an option."

While crafting its Balanced Budget Plan, the Senate Majority kept its focus on several "Guiding Principles." Any long-term financial plan must:

  • Preserve, protect and grow the Permanent Fund, thus guaranteeing a healthy dividend program;
  • Produce a balanced budget, which limits government spending and prioritizes essential services;
  • Contain no personal income tax; and
  • Allow Alaskans to decide on the plan by a vote of the people.

"It's vital that Alaskans be involved in the long-range budget process. The decisions we make on balancing the state's budget will affect the state for many years to come," said Parnell.

# # #

Broadcasters note: Audio comments are available on the Majority Actuality line, 1-800-478-6540
= Sean Parnell, 28 K    = John Torgerson, 33 K

Document Explaining Plan Details

Supporting Spreadsheets: Revised 05-13-99 late afternoon, 42 K

(To view the spreadsheet file you must have Adobe's Acrobat Reader plug-in installed. You can navigate to their download and installation instruction pages by clicking on the "Get Acrobat Reader" icon.)

Supporting Charts: Click on thumbnails to view larger image.

Senate Majority's Guiding Principles Do Nothing - Assumptions Do Nothing - Projected Savings Account Balance
Do Nothing - Alaska's Savings Accounts Do Nothing - Dividend per Capita Balanced Budget Plan Assumptions #1
Balanced Budget Plan Assumptions #2 Balanced Budget Plan Assumptions #3 Balanced Budget Plan Assumptions #4
Balanced Budget Plan - Projected Savings Account Balance Balanced Budget Plan - Alaska's Savings Accounts Balanced Budget Plan - Dividend per Capita
Balanced Budget Plan - Total GF & Dividend Spending Balanced Budget Plan - Bullet Points #1 Balanced Budget Plan - Bullet Points #2
Balanced Budget Plan - Bullet Points #3

| Top | Senator Parnell's Page | Senator Torgerson's Page |