Alaska should invest the budget surpluses it predicts from high oil prices into funds that will be used for future education, transportation, alternative energy, and employee pension costs, Gov. Sarah Palin said Wednesday. The state government’s general fund revenues come largely from oil taxes, which are expected to generate billions of dollars in surpluses because of prices in the range of $90 to $100 per barrel. According to Palin, over the next two years Alaska should: invest $2.6 billion in the education fund for public education in the future; create a $1 billion fund, the earnings of which would be used for future transportation infrastructure; deposit $450 million into the state’s Teachers’ Retirement System, to reduce its unfunded liability; create a $250 million alternative energy fund; and pump $379 million into the state’s constitutional budget reserve, a fund to help the state’s government through lean financial years. Palin will release her operating and capital budget proposals for fiscal 2009 next week.
-
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
10h ago -
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
April 25 -
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
April 25 -
Photos from The Bond Buyer's Texas Public Finance conference.
April 25 -
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
April 25 -
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
April 25