00                            SENATE BILL NO. 134                                                                         
01 "An Act relating to the policy of the state regarding the state budget and the source of                                
02 funding used to cover a shortfall in general fund revenue."                                                             
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 37.07.010 is amended by adding a new subsection to read:                                          
05            (b)  It is the policy of the state to formulate a responsible, sustainable budget                            
06       on a consistent basis, given the extreme fluctuations that occur in the price of oil and                          
07       mineral resources.  In recognition of these unforeseeable fluctuations, it is also the                            
08       policy of the state that the amounts necessary to cover a projected shortfall in general                          
09       fund revenue during a fiscal year be appropriated equally from the constitutional                                 
10       budget reserve fund (art. IX, sec. 17, Constitution of the State of Alaska) and the                               
11       earnings reserve account (AS 37.13.145).