Alaska Legislature solves billion dollar problem.

Summary

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An order from the Alaska Supreme Court prompted the state's lawmakers to seek a way to pay back the $106 billion deposit that was errantly spent as a general fund. The fund consisted of past-due oil and gas tax payments that have accumulated since Jul. 1, 1990. However, instead of placing the money in the state's Consitutional Budget Reserve, the lawmakers placed it in the general fund, which was used to finance school construction projects and maintenance programs. The budget reserve payback is expected to be completed at the end of the 1994 session.

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Extract

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Alaska Legislature solves billion dollar problem.

It took $106 billion from state savings and classic political compromise to fix the accounting problem the Alaska Legislature faced this year. A ...

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