here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Today\u00a0I presented Senate Bill (SB)\u00a0178 to the Senate State Affairs Committee.\u00a0 I introduced this legislation as a Senate Finance Committee bill so the Legislature can have a serious discussion about how we manage the state\u2019s savings accounts.\u00a0 High oil prices have provided the state a healthy budget surplus which is currently in excess of $15 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[105,7,103,104],"class_list":["post-1951","post","type-post","status-publish","format-standard","hentry","category-news","tag-alaska-operating-endowment-fund","tag-bert-stedman","tag-sb-178","tag-state-affairs-committee"],"_links":{"self":[{"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=\/wp\/v2\/posts\/1951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1951"}],"version-history":[{"count":8,"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=\/wp\/v2\/posts\/1951\/revisions"}],"predecessor-version":[{"id":2039,"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=\/wp\/v2\/posts\/1951\/revisions\/2039"}],"wp:attachment":[{"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1951"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/bertstedman.com\/new\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"http:\/\/bertstedman.com\/new\/wp-content\/uploads\/2012\/02\/SB-178.jpg\" "\\"SB")
<\/a>SB 178\u00a0would do just\u00a0that by creating the Alaska Operating Endowment Fund as a depository for the state\u2019s savings in order to generate revenue for the benefit of future generations of Alaskans. Once the Fund has been capitalized with the $15 billion from the state\u2019s savings accounts, the Department of Revenue will manage and invest the fund in the same manner as the Alaska Permanent Fund Corporation.\u00a0 At the end of each fiscal year, the Department of Revenue will determine the average market value of the fund for the preceding three fiscal years.\u00a0 Once that amount is determined, an amount not to exceed four and one half percent may be available for General Fund appropriations by the Legislature. This will provide a steady stream of funding for the state far into the future that is not subject to the volatility of oil prices.\u00a0 It will also protect the state from overspending in years of surplus revenue and provide a cushion for years when the state is facing deficits.<\/p>\n