Department issues revenue forecast

JUNEAU - The Alaska Department of Revenue has released its revenue forecast for spring.

The department said general purpose unrestricted revenue for fiscal year 2009 is now projected at $5.86 Billion. That represents a substantial reduction from fiscal year 2008 revenues. However, it is $235 million more than the department forecast at the end of January.

Revenue for fiscal year 2010 is projected to decrease further to $3.21 billion.

The department said the lower revenue projections is primarily the result of lower oil prices.

The department now expects North Slope crude oil prices to average $65.70 in this fiscal year and $58.29 the next fiscal year.