From Senator Josh Revak <[email protected]>
Subject Revak Report - Happy Holidays and All the Best in the New Year!
Date December 24, 2020 10:53 PM
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Senator Josh Revak 

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December 24, 2020
Merry Christmas and Happy Holidays ~ ✴Smile and Merry Christmas and Happy New Year✴the whole group from ⓛⓤⓐⓝⓐ | Christmas emoticons, Funny emoticons, Smiley
Dear Friends,

2020 is nearly in the rearview mirror and if you are like me and my family we are grateful to have survived the many challenges this year, but look with hope and faith that 2021 will be joyous and a year or recovery.

I count my blessings every day and one of those blessings was being re-elected to serve you as Senator for District M once again. I appreciate the trust you have in me and will do my best to serve you and the rest of our neighbors once again.

My family and I wish each of you a Merry Christmas and Happy Hanukkah, and pray that each of you have good health and happiness in 2021. Please email me (mailto:[email protected]) , call my office at 907-269-0222, or visit us anytime to share you thoughts and concerns.

Happy Holidays from the Revak Family
Governor Dunleavy Unveils FY22 Budget

On December 11th, Governor Dunleavy released his FY22 Operating and Capital budgets ([link removed]) . Below are the highlights included in the budget. The legislature goes back into session January 19th with the number one priority of passing a balanced budget. I look forward to taking an in-depth look into the budget during the budget subcommittee process to ensure we pass a budget that is sustainable but also provides the services Alaskans demand. For more information and details of the FY22 budget visit the Alaska Office of Management and Budget ([link removed]) website. Please feel free to reach out to me and share your thoughts and comments.

Fall 2020 Revenue Sources Book Released

The Revenue Sources Book is a valuable tool released twice a year (Spring and Fall) that provides information on the all the revenue the state receives. Below is the press release from the Department of Revenue highlighting the states major source of revenue - oil prices and production.

On December 11th the Department of Revenue (DOR) Commissioner Lucinda Mahoney released the Fall 2020 Revenue Sources Book today. The Revenue Sources Book includes the Department’s fall forecast of oil price, oil production, and state revenue.

Unrestricted General Fund (UGF) revenue, before accounting for the transfer from the Permanent Fund Earnings Reserve, totaled $1.6 billion in FY 2020 and is forecast to be $1.2 billion in both FY 2021 and FY 2022.

The Permanent Fund is expected to transfer $3.1 billion to the General Fund in both FY 2021 and FY 2022. These amounts include funds for general government spending. Between continued growth of the fund and continued low oil prices, the Permanent Fund transfer is now the state’s largest source of UGF revenue, contributing 65% of UGF in FY 2020 and projected to contribute at least 67% for each of the next ten years.

For FY 2020, Alaska North Slope (ANS) oil prices averaged $52.12 per barrel. The revenue forecast incorporates the most current indications from financial markets and is based on an annual average ANS oil price of $45.32 per barrel for FY 2021 and $48.00 per barrel for FY 2022.

For FY 2020, ANS oil production averaged 472,200 barrels per day. ANS oil production is expected to average 477,300 barrels per day in FY 2021 and 439,600 barrels per day in FY 2022, before climbing to 481,800 barrels per day by FY 2030. My hope is that we can increase those 2030 production numbers. Drilling and investment were sharply reduced over the past year, and are reflected in the lower near-term forecast, but the department is optimistic that new developments will contribute to stabilizing production over the coming decade.

Want to educate yourself? The Revenue Sources Book is an annual publication that provides basic information about state revenue, as well as a forecast of state revenue over the next ten years. The Revenue Sources Book will be made available December 11, 2020 at 2:30 pm on the Department’s website, at ([link removed]) .

As always, let me know if you have any insights or questions.

Alaska Legal Services Offers Free Legal Consultation

A group of lawyers across Alaska who have come together to provide free legal consultations for small businesses and nonprofits as they navigate the COVID pandemic. These folks do a great job and I really appreciate the service they provide Alaskans. This is a great opportunity.

This clinic is available September 21, 2020 through April 2021.

To register for a free consultation click on the link or picture below. [link removed]
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Our mailing address is:
Session: State Capitol, Room 125, Juneau, AK 99801
Interim: 1500 West Benson, Room 410, Anchorage, AK 99503

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