Lawmaker Seeks to Cap Oil Revenue Spending

Proposes constitutional amendment

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By CBS 11 News
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Story Created: Jan 5, 2012 at 2:00 PM AKDT

Story Updated: Jan 5, 2012 at 2:06 PM AKDT

An Alaska lawmaker is looking to cap how much the state can spend from oil revenue profits.

Senator Bill Wielechowski (D-Anchorage) plans to introduce a constitutional amendment during the upcoming session that would require the legislature to put at least two-thirds of future oil revenue surplus money into the state's Constitutional Budget Reserve.

The amendment would cap spending in any given year at $6 billion.

The CBR was created in 1991 to help pay for state government during budget deficits. Today it's valued at just under $11 billion.

Because it's a constitutional amendment, passage will require a two-thirds vote of each body of the legislature to be put on the November ballot.

From there it will take a little more than 50 percent of voters to pass.

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just noticed that... said on Saturday, Jan 28 at 4:53 PM

what happened to the comments on the 500 million that somehow made it to Canada the same time the royals were visiting...hmmm...interesting...

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lud larson said on Friday, Jan 6 at 6:16 AM

Definately! The State needs to reign in the spending. Get ready for income without the oil money. Too many HAIR BRAINED Projects costing big $ that don't work or make any sense!

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