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 standards,...
Reader Comments(0)