Federal revenues and spending in Alaska

the flow of funds between Alaska and the federal government by Oliver Scott Goldsmith

Publisher: Institute of Social and Economic Research, University of Alaska in Fairbanks

Written in English
Published: Pages: 179 Downloads: 977
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Places:

  • Alaska.,
  • United States.

Subjects:

  • Intergovernmental fiscal relations -- Alaska.,
  • Intergovernmental fiscal relations -- United States.,
  • Grants-in-aid -- Alaska.,
  • Grants-in-aid -- United States.

Edition Notes

Statement[by O. Scott Goldsmith and J. Phillip Rowe].
ContributionsRowe, J. Phillip., University of Alaska, Fairbanks. Institute of Social and Economic Research.
Classifications
LC ClassificationsHJ295 .G638 1981
The Physical Object
Paginationxx, 179 p. :
Number of Pages179
ID Numbers
Open LibraryOL3143533M
LC Control Number82621044

Federal spending and revenues constitute only one part of the total burden imposed on Americans by Washington. Rules imposed by federal regulators also impose crushing costs on the U.S. economy. State of Alaska Fiscal Summary ($ millions) FY05 Authorized FY06 Budget (after vetoes) GF 1 REVENUE (Excludes Permanent Fund Earnings) GF Federal Other Total GF Federal Other Total Change 2 Unrestricted General Fund Revenue (1) 2, 2, 3 Revised Revenue Forecast (5/18/05 $/bbl in FY05) A dialogue is critical because federal and state finances are closely intertwined. Federal grants for health care, education, transportation and other programs make up roughly a third of state budgets, ranging from 24 percent in Alaska to 49 percent in Mississippi in . -3rd largest source of federal revenue -b/c tax revenues fluctuate, the gov. never knows exactly how much it will need to borrow (continues with its spending as allocated in the budget) -if it does not collect enough money in taxes and user fees, it simply borrows the rest by selling bonds to investors -amount of borrowing exceeds the total.

Discretionary spending makes up about 31% of federal spending, but it is where nearly all of the recent spending reductions have focused. Mandatory spending, mainly entitlements and interest on the debt, make up the majority of federal spending. Interest costs are viciously accelerating as a . The Monthly Treasury Statement is released at PM on the 8th business day of each month. View previous issues. Last modified 05/12/ Monthly Treasury Statement. A program of .

Federal revenues and spending in Alaska by Oliver Scott Goldsmith Download PDF EPUB FB2

Alaska and Hawaii are part of the San Francisco District. Consumer spending generally picked up, but growth was uneven across the nation, including mixed reports of auto sales. Overall, growth in tourism was flat to modest. nology, revenues were up more than 20 percent com-pared to last year.

A veterinary care supplier and a dairy. In addition to being less flexible, they often come with strings attached (federal rules and regulations). Alaska has benefited hugely from high levels of federal spending over the past 20 years, but those days may be coming to an end.

Huge federal deficits and a growing national debt have set off an intense national debate about federal spending. The qualitative nature of the Beige Book creates an opportunity to characterize dynamics and identify emerging trends in the economy that may not be readily apparent in the available economic data.

Be-cause this information is collected from a wide range of business and the Beige Book can complement other forms of regional information gathering. While taxes are responsible for most state general revenues, the federal government is responsible for about percent of the total, according to the nonprofit Tax Foundation.

he federal government has been Alaska’s largest employer since the days before state-hood, generating approximately a third of all jobs in the state. That means Alaska has a lot to lose as proposed federal budget cuts over the next 10 years could top $ trillion —.

This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state, the District of Columbia, and the Puerto figure includes all Individual federal taxes and Corporate Federal Taxes, income taxes, payroll taxes.

These files contain the monthly receipts/outlays and deficit/surplus of the United States published in Table 1 of the Monthly Treasury Statement, for fiscal years The figures reflect backdated adjustments and may be amended (monthly) based on agency reporting. Federal highway spending peaked in with the recession stimulus spending, and then declined.

State and Local Transportation Spending by Mode Inpercent ($ billion) of state and local spending on transportation (including expenditures paid for with federal grants) went to highways, and percent ($ billion) went to. $ included in Line 9 $ $ included in Line 19 $ $ A Total Unrestricted General Fund Revenue: Line 2 is based on information from the Department of Revenue Spring Revenue Forecast.

D Restricted Revenue: Other revenue not included as Unrestricted General Fund Revenues in the Revenue Sources Book, such as Federal Receipts and University Receipts. The latest data collected by the federal government shows uniquely high -- and unwavering -- spending on education in Alaska, including Anchorage.

Elsewhere, states are cutting spending on schools. This will require a balanced approach, pairing new revenues with additional spending cuts and further reliance on the state’s reserves. We review four revenue options—a sales tax, an income tax, a motor fuel tax increase, and modifications to the state’s oil and gas taxes—weighing the pros and cons of each.

Alaska has relied primarily on oil tax revenues and has funneled much of this revenue into restricted permanent trusts that cannot be accessed for general spending. When the Alaska Permanent Fund was created in the s, oil prices were high and production was booming, so legislators didn’t really expect for this problem to occur.

Alaska Fiscal Facts: An Overview of State Savings, Revenues and Spending Gunnar Knapp Director and Professor of Economics.

Institute of Social and Economic Research. another job to bring in more income (new revenues). For the long term, the Administration is committed to growing recurring revenues by developing Alaska’s resources to pay for appropriate state responsibilities, such as public safety, transportation, and education.

But for the short-term, it is necessary to make different spending decisions. The Alaska Permanent Fund is a legislatively controlled appropriation established in to manage a surplus in state petroleum revenues from the recently constructed Trans-Alaska Pipeline System.

From its initial principal of $, the fund has grown to $40 billion as a result of oil royalties and capital investment programs. across states from a floor of 50 percent (a multiplier effect of $1 in federal funding per $1 of state spending on Medicaid), to a high of percent ($ in federal funding per $1 in state.

Oil production in Alaska is projected to average less thanbarrels per day in Fiscal Yearaccording to the Alaska Department of Revenue’s most recent forecast (Fall Sources Book). Oil production in Alaska is expected to drop every year from Fiscal Year through Fiscal Yearaccording to the Alaska Department of.

Source: Alaska Department of Revenue, Spring Revenue Forecast, Table Alaska State Revenues by Source and Restriction, FY15 Source Unrestricted General Fund Revenue Restricted Revenue Total Source: Department of Revenue Fall.

Federal tax revenue by source, Compare federal tax revenue by source over time from to See more federal tax revenue analysis. A State spending commission similar to the federal Grace Commission to do a forensic audit of the entire Alaska budget to pinpoint waste and identify opportunities for savings If revenues exceed estimates, then the legislature would be required.

Budget Deficit. We've Already Blown Past Last Year's Federal Budget Deficit The $ billion budget gap so far this fiscal year represents a 27 percent increase over the same period last year.

A study by Prof. Scott Goldsmith of the University of Alaska, Anchorage, noted that an “extraordinary increase” in federal spending drove the state’s pile-driver growth of the last 15 years.

Federal Spending in the States by Jennifer Burnett PERCENT OF STATE REVENUES FROM FEDERAL DOLLARS, FY –FY Federal dollars made up just under one-third of state revenues—30 percent—in fiscal yearwhich is the most recent year for which data are available.

In order to determine the most and least federally dependent states, WalletHub compared the 50 states across two key dimensions, “State Residents’ Dependency” and “State Government’s Dependency.” We evaluated those dimensions using three relevant metrics, which are listed below with their corresponding weights.

A Brief Introduction to Alaska Revenues and Spending – Gunnar Knapp, ISER Alaska State Revenues – John Tichotsky, DOR State of Alaska’s Unrestricted General Fund Revenue and Appropriations – Amanda Ryder, Legislative Finance Division.

alaska’s revenue crisis 2 finding balance 7 revenue option 1: implementing a state sales tax 9 revenue option 2: reestablishing an individual income tax 17 revenue option 3: raising the motor fuel tax 20 revenue option 4: revisiting the oil and gas tax 23 a balanced approach to a balanced budget 25 navigating alaska’s fiscal crisis.

Federal spending data since comes from the president’s budget. All other spending data comes from the US Census Bureau. Gross Domestic Product data comes from US Bureau of Economic Analysis and Detailed table of spending data sources here.

Federal spending data begins in State and local spending data begins in Oh, and by the way, despite having almost NO local property taxes and a huge amount of Federal spending in Alaska, individuals in Alaska also receive a share oil revenues - over $ in For the first seven months of the budget year, revenues total $ trillion, a drop of % from the same period a year ago.

Government spending totals $ trillion, an increase % from a. I have just written an article examining the paradox that is Alaska, a nation-size state of aboutsouls where many seem to revile the federal government even as their politicians excel at reeling in and spending its money.

Alaska is the top recipient of federal stimulus dollars per capita — with no close second. Balanced Budget is a budget in which revenues and spending are equal in a given year. Balanced Budget Amendment An amendment to the U.S. Constitution that would require the federal government to enact a budget where expenditures do not exceed revenues in any fiscal year.Alaska economy, with approximat people employed in the area, with workers having an average earning of about $60, per year.

In parallel to the privately financed construction spending, the overall Alaska economy shrunk by only about 1% in Notably, however, it was the first time the Alaska economy contracted in 22 years.All federal receipts prior tostate revenue prior to and local revenue prior to are actual.

More recent spending, including future years out toare budgeted, estimated, or guesstimated. Federal receipts for and after are based on federal data on receipts in the president’s budget.