Alaska Superintendents Association (ASA) Alaska Association of School Business Officials (ALASBO) February 21, 2016
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1 Alaska Superintendents Association (ASA) Alaska Association of School Business Officials (ALASBO) February 21, 2016 Randall J Hoffbeck, Commissioner Department of Revenue
2 2
3 Fiscal Challenge Federal Funds $3.3 billion (26%) Unrestricted General Funds Gap $3.6 billion (29%) Permanent Fund Inflation Proofing & Dividends $2.3 billion (18%) Designated General Funds and Other State Funds $1.5 billion (12%) Unrestricted General Funds $1.8 billion (14%) 3
4 The Cost of Doing Nothing $9 $8 State Budget $7 nominal billions $6 $5 $4 $3 Short-Term Savings (CBRF & SBRF) Withdrawals from Permanent Fund Earnings Reserve $2 $1 Existing Revenue $0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Alaska Permanent Fund Protection Act FY20 FY21 FY22 FY23 FY24 FY25 Defining the Problem 4
5 Conversations with Alaskans Alaska State Chamber of Commerce Juneau Chamber of Commerce Fairbanks Chamber of Commerce Anchorage Chamber of Commerce Kenai/Soldotna Chamber of Commerce Ketchikan Chamber of Commerce Sitka Chamber of Commerce Juneau Rotary Clubs Fairbanks Rotary Clubs Anchorage Rotary Clubs Mat-Su Community Townhall Homer Community Townhalls Ninilchik Community Townhall Juneau Community Townhall Dillingham Community Townhall Wrangell Community Townhall Fairbanks Economic Development Rasmuson Foundation Foraker Forums Island Institute of Alaska Anchorage Board of Realtors Alaska CHARR Commonwealth North Alaska Annual Mayors Conference Alaska Municipal League Alaska Commission on Aging Alaska Fiscal and Economic Forum Alaska Pioneers Grand Igloo Convention Southeast Annual Conference Alaska Association of School Boards Alaska School Business Officials Conference Alaska Principal Conference Alaska Superintendents Conference Alaska Oil and Gas Association United Fishermen of Alaska Institute of the North Alaska Federation of Natives League of Women Voters Conversations with Alaskans Odom Corporation statewide dialog started in June. K&L Distributors ConocoPhillips More than 50 events since then and many more scheduled. 5
6 Message Received Take action now, not later: Government must be cut further Protect essential services Use of Permanent Fund earnings is acceptable if: Protect the Permanent Fund Corpus Preserve a Dividend Program New Revenues are acceptable if: They are not supporting a bloated government The burden is shared equitably 6
7 Fiscal Challenge Options Path to Fiscal Stability 7
8 Redefining the Problem The Enemy of Fiscal Stability is not: The Government The Oil Industry Our Elected Officials The Enemy of Fiscal Stability is: Lack of a plan for what to do now that oil tax revenues have declined 8
9 Redefining the Solution Future 9
10 Redefining the Solution Let us not despair but act. Let us not seek the Republican answer or the Democratic answer but the right answer. Let us not seek to fix blame for the past let us accept our own responsibility for the future. John F Kennedy
11 Fiscal Challenge Options Path to Fiscal Stability 11
12 The New Alaska Fiscal Plan Big Problems Require Big Solutions Big Solutions Require Difficult Decisions Difficult Decisions become More Difficult the Longer we Wait We Can t be Timid. We need to Act Now. 12
13 Manage Wealth Annual Revenues Mineral Royalties Production Taxes Other Revenue 25% 75% 100% 100% Funds Corpus > 4x Draw SNI Earnings Reserve $3.3B General Fund Dividend 13
14 Continued Cuts Workforce 600 fewer state employees compared to last year Additional staff reductions through 2019 Agency Operating Budgets $400M cut in FY16 $139M cut in FY17 Education, UA, AVTEC reduced by $25M (1.5%) Health, Life Safety, and Justice reduced $64M (3.6%) Other agencies reduced $50M (8.5%) $38M invested in Gasline and $1M invested in Rural Guard $600M total cut by
15 Continued Cuts Formula Programs Impacted Medicaid reduced $57 million with another $43 million by FY19 Education lost one-time funding in FY16. Oil and Gas Tax Credits cut by $400 million with transition funding and a loan program Capital Program cut to minimum - maintain through GO bond to be introduced 15
16 Closing the Budget Gap (Millions of Dollars) FY16 Budget $ 5,200 Alaska Permanent Fund Protection Act (annual draw) $ 3,300 Revenue from existing taxes and fees $ 850 Earnings on Savings $ 135 $ 4,285 Spending Reductions (estimated amounts) FY17 Cuts* ($ 140) Reform O&G Tax Credits ($ 400) FY17 Priority Investments $ 40 ($ 500) New Revenue Components (estimated amounts) Mining $ 6 Fishing $ 18 Tourism $ 15 Motor Fuel $ 49 Alcohol $ 40 Tobacco $ 29 Oil and Gas $ 100 Individual Alaskans (Income Tax) $ 200 $ 457 * $100 million in additional cuts scheduled over next 2 Fiscal Years 16
17 Share the Responsibility Income Tax Simple tax of 6% of federal tax liability, less than 1% of income for the average family. Also taxes out of state workers as well as profits of S- corporations and partnerships. Estimated $200 million in GF revenue with withholding tax beginning in January
18 Share the Responsibility 18
19 The New Sustainable Alaska Plan $10,000 $9,000 $8,000 $7,000 Lowest taxes in the nation. Receive a dividend. Grow our savings. Continue to provide essential services. Invest in future $6,000 $5,000 $4,000 $3,000 Past Deficits New Sustainable Alaska Plan $2,000 $1,000 $0 Existing Revenue New Revenue
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