Lawmaker Seeks to Cap Oil Revenue Spending
Proposes constitutional amendment
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.