SCS CSHB 1001(FIN) AM S: "An Act relating to income of the Alaska Permanent Fund and authorizing an advisory vote on a long-term financial plan for the state; and providing for an effective date."
00SENATE CS FOR CS FOR HOUSE BILL NO. 1001(FINANCE) am S 01 "An Act relating to income of the Alaska Permanent Fund and authorizing an 02 advisory vote on a long-term financial plan for the state; and providing for an 03 effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. ADVISORY VOTE. At a special election to be held on September 14, 1999, 06 in substantial compliance with the election laws of the state, including absentee voting and the 07 preparation, publication, and mailing of an election pamphlet under AS 15.58.010 - 15.58.090, 08 the lieutenant governor shall place before the qualified voters of the state a question advisory 09 to the legislature and the governor. The election pamphlet for the special election must 10 comply with AS 15.58.020(6), including the requirement that it contain statements that 11 advocate voter approval or rejection of the question. Notwithstanding AS 15.60.005 and other 12 laws relating to preparation of the ballot proposition, the question shall appear on the ballot 13 in the following form: 14 Q U E S T I O N
01 Preamble: The people of Alaska created the Alaska Permanent Fund to save 02 a portion of Alaska's petroleum revenue for the future. After investing those 03 savings, the original intent and purpose was to use the earnings from those 04 investments when Alaska s petroleum revenues declined. Petroleum revenues 05 have now declined substantially and are forecast to continue to decline. Our 06 reliance upon declining oil production and volatile oil prices constitutes an 07 unsustainable state budget system. The governor and state legislature seek the 08 public s judgment regarding a stable and sustainable long-term balanced budget 09 plan. 10 Balanced Budget Plan: This will preserve the permanent fund dividend, 11 inflation-proof the permanent fund, support public services, and establish a 12 Citizens Balanced Budget Task Force. 13 The Balanced Budget Plan will: 14 (1)Spending Reductions: Continue state general fund budget reductions 15 and commit to long-term budget discipline and efficiencies. 16 (2)Permanent Fund Protection: Guarantee the Alaska permanent fund 17 principal remains untouched. Inflation-proof the permanent fund to 18 protect its value for all Alaskans, including future generations. 19 (3)Permanent Fund Dividends: Guarantee a dividend to eligible Alaskan 20 residents at a minimum of $1,700 in 1999 and $1,700 in 2000. 21 Thereafter, the dividend will be approximately $1,340 and will continue 22 to grow with the value of the permanent fund. After accounting for 23 inflation-proofing, the dividend will be based on 50 percent of the 24 annual earnings payment. 25 (4)Funding for Essential Public Services: After payment of permanent 26 fund dividends and inflation-proofing the fund, prioritize the annual 27 investment earnings payment for essential public services. 28 (5)Accountability: Fully disclose expenditures from the permanent fund 29 earnings with each annual permanent fund dividend. 30 (6)Balanced Budget Task Force: Establish a Citizens Balanced Budget 31 Task Force to present options to further reduce state spending and
01 identify appropriate future revenue sources. 02 (7)Income Tax: No personal income tax is enacted as part of this plan. 03 Question: After paying annual dividends to residents and inflation-proofing the 04 permanent fund, should a portion of permanent fund investment earnings be 05 used to help balance the state budget? 06 Yes [ ] No [ ] 07 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).