Constitutional Budget Reserve (CBR)
The Constitutional Budget Reserve is a companion fund to the Permanent Fund which was established in 1991 to deal with the problem of short-term oil revenue variability. Deposits into the CBR consist of settlements of back taxes and other revenues owed to the state. Draws from the CBR into the general fund require a 3/4 vote of each house of the legislature and must be repaid. To date, the general fund has amassed a debt of approximately $4 billion to the CBR to maintain a stable level of public spending.
Read more about this topic: Alaska Permanent Fund
Famous quotes containing the words budget and/or reserve:
“A budget takes the fun out of money.”
—Mason Cooley (b. 1927)
“One should never make one’s debut with a scandal. One should reserve that to give an interest to one’s old age.”
—Oscar Wilde (1854–1900)