JUNEAU (AP) — Alaska would face a budget deficit of $920 million if spending for next year matched that of the current year, a report released Monday states.

The Legislative Finance Division report offers a sobering look at the state's fiscal situation amid declining oil production and lower oil prices. It was released a day before the start of the new legislative session.

The price of oil would have to be an estimated $105 a barrel for the governor's proposed new budget to balance — and that is before lawmakers get to work on it. As recently as fiscal year 2010, the break-even price of...