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Department lowers revenue projection for Alaska for current year amid low oil prices

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JUNEAU, Alaska — Alaska is expected to receive $400 million less in unrestricted general fund revenue for the current year than previously forecast.

The announcement by the state Revenue department came as the state Senate was debating the state's operating budget.

The department previously estimated unrestricted general fund revenue of $2.6 billion for the current year, which ends June 30. The forecast has been revised to $2.2 billion. The department says the forecast for next year also will be $2.2 billion.

Revenue commissioner Randall Hoffbeck cited low oil prices.

In a release, he said the state's investment revenue continues to grow in significance and is likely to produce more than twice the revenue of oil going forward. However, he noted that most investment revenue is not typically available for spending.

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