Department revises revenue forecast

Posted: Sunday, April 11, 2010

JUNEAU - The Department of Revenue is projecting the state will have $900 million more than expected for the current and upcoming budget years because of higher-than-expected oil prices.

Oil's a major driver of Alaska's economy - and a major contributor to state coffers. The department said it expects new or continued development this calendar year but it also noted a continued decline in North Slope oil production - down another 4.8 percent, to about 619,000 barrels a day, for the fiscal year beginning July 1.

The department said Friday it's projecting the state will collect $5.6 billion in unrestricted general fund revenue for the current spending year, and $5.3 billion for the next year. That's up from an earlier forecast, that put the estimates at $4.8 billion and $5.2 billion, respectively.

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