FAIRBANKS — Gov. Sean Parnell is scheduled to announce his operating and capital budgets for the upcoming fiscal year during two press conferences in Anchorage today.
The two budgets will be released at noon, and streaming video will be available on http://gov.alaska.gov/parnell/multimedia/livestream.html. The draft bills will be posted to www.omb.alaska.gov.
The budget will cover fiscal year 2015, which begins in July 2014 and continues through the first half of 2015. Spending includes the daily operating cost of the state’s departments as well as capital spending projects such as schools, energy projects and synthetic turf fields.
Parnell’s spending proposal is expected to be lower than recent years because of falling revenue. The state announced last week it expects to collect $2 billion less in oil taxes this fiscal year, compared to fiscal year 2013. That drop has been attributed by the administration to falling oil prices, not its oil tax plan passed in the 2013 legislative session.
Parnell’s budget will go to the Legislature, which will have an opportunity to add or subtract projects and programs before passage. Parnell holds line item veto power over the Legislature’s version.