Analyst: State faces tough budget decisions
JUNEAU (AP) — Alaska is similar to a person approaching retirement age, Legislative Finance Division Director David Teal said Tuesday, noting that as income falls, there's a greater reliance on savings.
Teal told the Senate Finance Committee the state faces tough budget decisions as oil production — the lifeblood of the state's economy — continues to decline.
Among the challenges: an estimated $11 billion unfunded pension liability and finding ways to limit growth in state government. If government continues to expand as it has, even with relatively modest capital budgets, by recent s...