Alaska's revenue continues to climb

Posted: Sunday, March 16, 2008

JUNEAU - The state's preliminary spring revenue forecast is out, and it's very rosy.

The state treasury is expected to amass a record $8.5 billion this fiscal year, which ends June 30. Fifty-seven percent of that - or about $4.85 billion - is thanks to the state's new oil production tax, according to the Department of Revenue.

A final forecast is due April 11, two days before the end of the legislative session. That's so the department can include the actual payments from oil company's annual returns, due March 31.

Officials project crude oil prices on the West Coast will average more than $84 a barrel in 2008 compared to almost $61 a barrel in 2007.

They are forecasting $83 a barrel next year with production continuing to decline about 6 percent.

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