Revenue budget forecast up from mid-March
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Kristen Nelson Petroleum News
In its spring revenue forecast, released in mid-March, the Alaska Department of Revenue forecast oil at $91.68 per barrel for the current fiscal year, FY2022, and $101 per barrel for FY 2023.
In a June 20 release, Revenue said it is now forecasting oil at $91.90 per barrel for FY22, up 22 cents from the spring forecast, and at $111.04 per barrel in FY23, up $10.04 from the spring forecast.
Revenue said it is providing updates on changes in its revenue outlook because of the volatility around petroleum revenues.
“Our goal,” Revenue said in its June 20 release, “is to ensure that policymakers and citizens have the most accurate and up-to-date information when making decisions that impact the fiscal condition of the state.”
Revenue said its monthly revenue outlook, covering the current (FY2022) and next fiscal year (FY2023), is “used internally to review actual revenue for the current fiscal year and to update our estimated revenue based on the most recent information.”
The department said the monthly update doesn’t have the same rigor and detail as the official spring and fall forecasts, but “it does give an indication of how revenues are expected to perform based on the most currently available information.”
Estimated revenues are up $67.6 million for FY2022 and up $706.5 million for FY2023 from the spring forecast.
- KRISTEN NELSON
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