A section of Alaska’s newly passed state budget could turn into a windfall for state residents. (via AlaskaBeacon)
The front of the Alaska State Capitol in Juneau is seen on Wednesday, April 12, 2023. Called a “waterfall provision” by legislators, it calls for a payment of up to $500 for eligible residents in 2024 on top of the year’s Permanent Fund dividend.
Under estimates provided to legislators last week, the state budget balances if North Slope crude oil averages $73 per barrel, as predicted by the Alaska Department of Revenue this spring. The addition could be incrementally funded, too — at $78 per barrel, the 2024 dividend would be about $250 higher.
There’s “all kinds of uncertainty” with oil revenue projections, Bell said. Those projections are based on certain assumptions about oil production — not just prices — and things like lease expenditures .As late as April 11, the U.S. Energy Information Administration was projecting oil prices at $85 per barrel this year and $81 per barrel next year.At those prices, there would be little change in next year’s dividend.
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