Veto mishap focuses on Alaska oil-wealth fund transfer

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JUNEAU, Alaska (AP) — Alaska Gov. Mike Dunleavy cited as one of his more significant vetoes a $4 billion transfer of earnings from the state’s oil-wealth fund to the fund’s constitutionally protected principal.

But the version of the budget posted on the Legislature’s website shows that line item was not crossed out, as Dunleavy said he intended. Dunleavy’s office said it was an error that should be corrected. Members of the Alaska House’s majority coalition decided against accepting his correction and said a legislative attorney was expected to weigh in, the Anchorage Daily News reported.

Lawmakers who supported the transfer saw it as a way to keep the money from being spent. Dunleavy said he intended to veto the transfer to have a fuller discussion with lawmakers about the fund.


As of May 31, $12.2 billion in the earnings reserve was uncommitted, according to the Alaska Permanent Fund Corp. That does not include the $4 billion transfer that was part of the budget passed last month.

Dunleavy did not release his vetoes or a preliminary draft of his approved budget until Thursday, when the new fiscal year started. The final document sent to the House and Senate Friday did not match the draft from Thursday, as it did not cross out the transfer.

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