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State Senator District E
Senator Cathy Giessel Newsletter
UPDATES
Issues affecting
your family, community and jobs.
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Dear Friends and Neighbors,
We are just over a week away from our next constituent meeting. It will be at Cornerstone Church at 12:00pm-2:00pm on Saturday, March 18. Feel free to stop by and get some cookies and tell us what matters to you!
I had the delight and honor of talking with two very intelligent and well-informed young men, freshmen at South Anchorage High School, last weekend! Wow! These young men give me great optimism about the next generation of leaders.
The students are exploring the topic of the Permanent Fund Corporation, the Dividend and how this impacts our state’s future. It was so much fun to discuss this with them and hear their thoughts.
Items in this Newsletter:
· Budget Options for 2023
· History of Alaska's BSA
· Seward Highway Project
· Senate Committee Meetings
· Climate Infrastructure Video
· Anchorage Airport Parking Garage
· Current topics, economy, healthcare, energy
· Alaska History
· Oil and Permanent Fund Resources
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Budget Scenarios with Dividends
This is repeat information. Many folks emphasized that they deserve repeating.
BELOW: FULL DIVIDEND
Cost would be $2.5 Billion for about a $3800 dividend for every man, woman and child who qualifies.
Graph on left is spending:
The blue bar: state revenue from taxes (the oil barrel illustration above).
The green bar: POMV earning from the Permanent Fund that is available for spending.
The yellow bar: spending from savings.
The red bar: deficit that would require taking extra from the Permanent Fund
The Surplus/(Deficit) line shows you the year and what the number is. For example, FY24 (that's the full dividend proposed) shows deficit $519 Million.
Graph on right is savings accounts:
Green bar: Earnings from Permanent Fund
Yellow bar: Savings accounts
Effective POMV Draw Rate: We set 5.00%. We would have to overdraw by FY27, as you can see.
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BELOW: 50/50 Dividend
Cost would be $1.25 Billion for Dividend (about $1900 Dividend).
Graph on left is spending:
The blue bar: state revenue from taxes (the oil barrel illustration above).
The green bar: POMV earning from the Permanent Fund that is available for spending.
The yellow bar: spending from savings.
The red bar: deficit that would require taking extra from the Permanent Fund
The Surplus/(Deficit) line shows you the year and what the number is. For example, FY24 (that's the full dividend proposed) shows Surplus $182 Million.
Graph on right is savings accounts:
Green bar: Earnings from Permanent Fund
Yellow bar: Savings accounts
Effective POMV Draw Rate: We set 5.00%. We would have to overdraw by FY30.
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BELOW: 25 Dividend/75 State Services
Cost would be $830 Million for Dividend (about $1300 Dividend).
Graph on left is spending:
The blue bar: state revenue from taxes (the oil barrel illustration above).
The green bar: POMV earning from the Permanent Fund that is available for spending.
The yellow bar: spending from savings.
The red bar: deficit that would require taking extra from the Permanent Fund
The Surplus/(Deficit) line shows you the year and what the number is. For example, FY24 (that's the full dividend proposed) shows Surplus $1.063 Billion.
Graph on right is savings accounts:
Green bar: Earnings from Permanent Fund steady
Yellow bar: Savings accounts growing
Effective POMV Draw Rate: We set 5.00%. No overdraws done.
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History of BSA and BSA Breakdown
House Finance, 2/28/23
The presentation begins at 2:41:28 of the recorded hearing. The full powerpoint can be found under "Documents".
Current Education Funding Formula established in 1998, modified several times.
34 of Alaska’s 53 school districts are in organized areas. Remaining 19 are in Regional Educational Attendance Areas (REAAs), with no municipal government and no taxing power. Municipal school district has a required local contribution. (slide 10)
State spend PERS and TRS funding above the employer caps, school debt reimbursement, school construction and major maintenance funding. (slide 5)
Alaska is very “state-heavy” in funding due to district that don’t contribute to local schools (slide 7)
Factors in the Funding Formula – school size, special needs, CTE, SPED (slide 8a)
BSA History (inflation adjusted) - $5,673 (slide 14)
Basic need (inflation adjusted) – (slide 16)
Foundation Funding plus additional formula funding and pupil transportation (inflation adjusted) (slide 18)
Foundation Funding plus additional formula funding and pupil transportation and additional local contribution (inflation adjusted) (slide 20)
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The Seward Highway mileposts (MP) 105-109.5, Windy Corner to Rainbow Point project is now the Seward Highway MP 98.5 and 118, Bird Flats to Rabbit Creek project which we are calling the Safer Seward Highway project. This project is an expansion of the previously advanced 4.5-mile Windy Corner efforts and has the same state and federal project numbers.
We are excited to announce the project website launch. Please visit it at safersewardhighway.com for new information and upcoming events.
You are invited to attend our first public outreach event. The Safer Seward Highway project will be hosting an in-person public meeting at three locations:
GIRDWOOD
Tuesday, March 21, 2023
Girdwood Community Center
250 Egloff Dr,
Girdwood, AK 99587
INDIAN
Wednesday, March 22, 2023
Valley Bible Chalet
29135 Seward Hwy
Indian, AK 99540
ANCHORAGE
Thursday, March 23, 2023
Goldenview Middle School
15800 Golden View Dr
Anchorage, AK 99516
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Watch a video about climate smart infrastructure
In this video, the third of five about the report, Rick Thoman and John Walsh of the International Arctic Research Center at UAF discuss the impacts of increasing extreme weather and environmental events on Alaska’s energy infrastructure, including key points that state leaders must consider when navigating decisions against the backdrop of a changing Arctic.
The full Alaska's Changing Arctic video playlist is available on YouTube.
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ANC South Terminal Parking Garage Partial Closure
Summer 2023 renovations will temporarily reduce parking capacity.
March 2, 2023 (ANCHORAGE, Alaska) – Beginning March 20, ANC parking capacity will be reduced by approximately half. The South Terminal Parking Garage, built in the mid-1980s, will be partially closed for the duration of summer to accommodate construction. This means that parking will be exceedingly limited. Structural restoration, asphalt replacement and re-striping must be completed on the approximately 50-year-old structure. No previous upgrades or major maintenance have occurred since the garage was constructed.
Travelers should allot extra time if they need to utilize parking at the airport. ANC encourages travelers to have plan for drop off or pick up in lieu of using the South Terminal parking garage. On site, other parking options include the North Terminal parking lot, the South Terminal Long-term parking lot and the Park, Ride & Fly, which provides shuttle. Off-site businesses that provide parking and shuttle services should also be considered as an alternative. Other pick-up plans could include people waiting at nearby restaurants, or the cellphone lot, for their traveler to arrive and collect their baggage.
“Summer construction is both necessary and unavoidable,” said Megan Peters, ANC Communications Coordinator. “ANC is attempting to make the parking situation as manageable as possible. We ask for patience while this critical rehabilitation construction is underway, and that motorist take their time and follow all informational construction signs.”
On March 20, 2023, barricades will be placed to stop vehicles from parking on levels 3 & 4. All vehicles must vacate levels 3 & 4 by March 31, 2023, at 11:59 pm. Beginning April 1, any remaining vehicles shall be towed. When work is completed for levels 3 & 4, levels 1 & 2 will undergo the same renovations.
Any vehicles that are towed will be relocated to another parking area at ANC. Motorists looking for their vehicle that was moved due to the construction, or any other parking issue, can call Republic Parking at 907-677-1074.
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Current Topics
Alaska senators introduce bipartisan bill intended to revive a pension program for state workers. Alaska Beacon
Senate has new pension proposal for state employees and teachers in bid to aid recruitment and retention. Frontiersman
Senate bill aims to address state employment crisis with a better retirement system. Alaska Public Media
Juneau joins Southeast communities in backing king salmon troll fishery. Alaska Public Media
The Juneau Assembly has joined Petersburg, Wrangell, Sitka and Ketchikan in supporting Southeast Alaska's king salmon troll fishery against a lawsuit that could threaten its future.
Just 9% trust self-driving cars. Axios
68% of drivers say they're afraid of fully self-driving cars, according to an AAA poll of 949 adults- up from 55% a year ago.
Sen. Manchin blasts Biden administration over memo on oil development in Alaska's Cook Inlet. ADN
An internal memo from the U.S. Interior Department suggesting that the agency set the highest possible royalty fee on potential oil and gas development before last year's Cook Inlet lease sale is drawing blowback from the Democratic chair of the Senate Finance and Natural Resources Committee.
State shutters most Cook Inlet king salmon fishing this summer in unprecedented array of emergency closures. ADN
March issue of Trends magazine. Alaska Labor
Politics
Alaska leaders fly to D.C. to press for Willow project. Alaska Public Media
Alaska Legislature sends $300k in salmon donations to Ukraine. Alaska Public Media
More than a year into the war in Ukraine, Alaska's government is doing its part by sending aid in the form of seafood from the Last Frontier. The Alaska Seafood Marketing Institute is handling the state's food distribution.
Alaska legislators worry that killer whales and a federal judge may doom a key fishery. Alaska Beacon
Southeast Alaska's king salmon troll fishery is directly impacted, but other fishermen worry about the precedent that could be set by a Washington state lawsuit. This is a serious threat to Alaska's fisheries.
Reports: Canada Found, Retrieved Chinese Spy Buoys in Arctic. VOA News
Months before a Chinese spy balloon drifted across Alaska and Canada, the Canadian military discovered and retrieved Chinese spy buoys in the Arctic, a region of long interest to Beijing.
Editorial: When Alaska looks back on this moment, will it be with pride or regret? ADN Opinions
The keys to Alaska education success: Investing in public schools and student-centered innovation. ADN Opinions
Alaska Senate president makes new pitch to tax e-cigarette product and discourage youth vaping. Alaska Beacon
I am a cosponsor of this bill. We need to do this... and hope the Governor doesn't veto the bill again, as he did last year.
Healthcare News
Medicare task force created to address primary care problems in Anchorage. Alaska's News Source
Around 4,000 older adults who are on Medicare are without a primary care provider after the Alaska Regional Senior Health Clinic closed its doors.
'Living memory' of influenza pandemic inspired both COVID-19 protection and a sense of resiliency. Alaska Beacon
States move to crack down on nurses with bogus diplomas. AP News
Energy News
Army selects natural gas-fired heat system for Fort Wainwright. Alaska Public Media
The army must replace the 65-year-old power plant because it's becoming unreliable and prohibitively expensive to operate.
Partners with GeoAlaska to explore for and deliver geothermal energy. Petroleum News
On March 1, Ignis H2 Energy Inc., a global leader in connecting advanced technologies to establish reliable baseload energy from geothermal resources, and GeoAlaska LLC, a geothermal focused exploration and development company based in Anchorage, announced a new partnership to explore for and produce reliable baseload energy from geothermal resources in Alaska.
On our radar: the best place for direct air capture. Axios
Wind, solar, and batteries increasingly account for more new U.S. power capacity additions. EIA
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Alaska History
· 1900-1929: Marvel Crosson and her brother Joe were enamored of flying as children and in the early 1920s, they jointly purchased. rebuilt, and restored their first plane, an N-9. After moving to Alaska in 1925, Marvel received a limited commercial license, making her the first licensed female pilot in Alaska. Marvel later moved away from Alaska but continued breaking records, including an altitude record of 23,996 feet. During the inaugural Women's Air Derby in California in August 1929, Marvel died in a plane crash not long after take-off. Marvel's tenacity and spirit resonated long after her passing.
· 1947-2022: Dennis Egan was born in Juneau, the son of Neva and Bill Egan, who became the State of Alaska's first governor in 1959. As a teen, he operated a pirate radio station and recording studio from the attic of the Governor's mansion, His passion for broadcasting led to a career at a local radio station KINY which lasted over 30 years. In 1989, he joined the Juneau Assembly before being elected mayor in 1995. In 1009, he was appointed to the State Senate and held that office until 2018. "He was passionate about the communities and people of Southeast and was so proud to be Alaskan." (KTUU, KTOO)
· 1989-1991: The man who ran poodles in the Iditarod. John Suter, an Army ranger and Golden Glove boxer, moved to Alaska in the 1970s. In 1974, he was riding a snowmachine while his father-in-law's miniature poodle ran alongside. Suter was shocked at the dog's speed and dexterity, and by 1976, Suter ran races with poodles around Chugiak. Finally, in 1988, Suter entered the Iditarod and finished 38th. He ran poodles in the 1989, 1990, and 1991 races. Suter's Iditarod career coincided with a period when women such as Libby Riddles and Susan Butcher dominated the race. As a result, a certain joke proliferated in the mushing community: "Women win the Iditarod, and men mush poodles."
· Mar 8: International Women's Day.
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Alaska Oil Resource values
ANS crude oil price (3/8/23): $80.28
The current budget requires $89 to be fully funded.
Price on 9/30/22: $86.91
Price on 6/29/22: $116.84
Price on 3/8/22: $125.44
Price on 12/22/21: $75.55
ANS production (3/8/23): 492,615 bpd
Quoted. Axios
Today in energy: State tax rates for retail gasoline and diesel increased in 13 states in 2023. EIA
Nevada's vast lithium deposits offer economic opportunity, difficult decisions. Nevada Independant
Nevada, as with other arid parts of the globe such as Chile and Argentina, is awash with lithium. The soft, silvery white mineral is in high demand as a key component of batteries used to power electric vehicles in the transition away from fossil fuel-based economies.
Permanent Fund 3/8/2023: $76,990,000,000
Value 9/30/22 : $70,625,300,300
Value 8/31/22 was: $73,670,500,000
Value 4/30/22 was: $81,387,500,000
Principle - $59.9B
$51.9 B savings, royalties, other deposits
$8 B unrealized gains
(special transfers from Legislature - $4 B in 2021; $4.943 B in 2020)
ERA - $12.6 B (was $16.9B May 2022)
$3.5 B set aside for FY24 POMV
$3.9 B for FY23 Inflation Proofing
$ 1.7 B unrealized gains
$3.7 B uncommitted realized earnings
PFD payout from ERA, 1980-2022: $26.6 B
Mineral Prices
Mar. 8, 2023
Gold - $1813.40
Silver - $219.98
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"To hell with politics!
Let's do what's right for Alaska!"
U.S. Senator Ted Stevens
(Senate service 1968-2009)
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