Gov. Parnell to unveil proposed budget — down $2B

Republican Gov. Sean Parnell plans to unveil his proposed state budget tomorrow online and address it in Anchorage.

Parnell is scheduled to speak to the Anchorage Chamber of Commerce at noon and hold a press conference at 1:30 p.m. to discuss the budget document for the fiscal year that begins July 1, 2014.

This follows last week’s Department of Revenue announcement projecting $2 billion less in state income compared to the current budget year. Right now, the state is running off of a budget built from $6.9 billion of unrestricted general fund money.

The department attributed the hit to a combination of the state’s new oil tax system, falling oil prices and continued declines in oil production.

For live coverage, you can follow @GavelAlaska on Twitter or watch video provided by the governor’s office here.

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