Oil Patch Bits: ASRC urges lawmakers to solve budget crisis now

Arctic Slope Regional Corp. has joined a diverse group of organizations and individuals across the state, concerned about Alaska’s budget deficit and its impending impact on services and future job growth. The company has partnered with Alaska’s Future, urging lawmakers to solve the state’s fiscal crisis this legislative session by using permanent fund earnings to support essential public services.

“A financial collapse in Alaska would have devastating effects statewide, but it would hit the communities in our region, the North Slope, especially hard,” said Rex A. Rock Sr., ASRC president and CEO. “We have carefully studied the available options and if the Alaska Legislature fails to act this session, we will not have enough earnings to distribute a PFD beyond 2018. The approach through Alaska’s Future protects the fund in the long-term.”

While the Alaska’s Future coalition does not support one particular fiscal plan over another, it is pushing for broad support of the idea of using fund earnings. Alaska’s budget deficit currently sits at $3.8 billion, with every year of inaction taking another $4 billion from the state’s constitutional budget reserve. For more information visit www.akfuture.org.