The revenue forecast for spring 2023 and the 2024 fiscal year indicates the state should expect decreasing oil prices and reduced oil production.
ANCHORAGE, Alaska - The state’s Department of Revenue released its revenue forecast for spring 2023 and the 2024 fiscal year, indicating the state should expect decreasing oil prices and reduced oil production. Gov. Mike Dunleavy hosted a press conference elaborating on a Department of Revenue press release that shared the forecast data.
The press conference today acknowledged the impact of these projections on the state’s near-term spending plans and longer-term legislative goals. Dunleavy said that lawmakers may have to make difficult decisions regarding the budget during the coming months. The projected decrease in oil prices may have significant implications for the state’s budget and revenue forecasts over the next two fiscal years.
“And if there needs to be a look at vetoes, we’ve done that every year, we’ve looked at that as well, we’ll continue to look at that. So it’s tough to predict what that’s going to look like,” Dunleavy said. On the subject of outmigration and its reverberating effect on Alaska’s workforce, Dunleavy said he’s aware some Alaskans don’t support having a large population move into the state, but didn’t agree with that perspective.
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