Clipped From Fairbanks Daily News-Miner

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 - Kaiser Hospital an hour later. to win. earth....
Kaiser Hospital an hour later. to win. earth. State Has $106 Million Fund From Revenue, R. W. Ward JUNEAU (AR--The Adraini- tration told the Senate and House finance committees Monday it has upped its estimates of unrestricted general fund revenues during the current fiscal year from $96,818,700 to $106,848,200. Robert W. Ward, state commissioner of administration and chairman of the state's Budget Review Committee, attributed the increase in unanticipated revenues from oil and gas lease royalties. from of the He said last year's sale of offshore lands in Cook fillet produced some S9 million more than was anticipated and said additional revenues of $3 million were expected from an oil and gas lease sale scheduled for Muarch 26. There were some offsetting decreases in anticipated revenues, Ward said, which resulted in a net increase in estimated unrestricted general fund revenues of some $10 million. The March 26 oil and gas lease sale will cover some 350,- 000 acres of submerged and tidelands in the Bristol Bay area between Port Moller and Port Heiden. In response to questions, Thomas J. Kelly, state commissioner of natural resources, said oil and gas leases on 16,000 acres will include provisions for special entrance permits, based on stipulations to protect other natural resources in the area. Kelfy also testified on the one per cent oil and gas production tax, which the Administration's report said would produce an estimated $986,700 for fiscal 1968. George Morrison, state commissioner of revenue, was questioned closely about the effects of the Fairbanks flood on estimated income tax revenues for fiscal 1968 and fiscal 1969. The Revenue Department's estimate of personal income tax revenue for fiscal 1968 was $22 million, down $140,000 from the estimate for fiscal 1968 which was made before the mid-August floods in the Tanaiia Valley. The projection for fiscal 1969 was $25 million. The estimate for 1968 corporate income taxes was$3,630,000, but Morrison's figures figures showed an expected $4.1 million from this source for fiscal 196S. He said recovery should account for the marked upturn. Sen. Carl Brady, R - Anchorage, asked for a report from Revenue Department within three weeks on the effects on tax revenues of the flood. Rep. Harold D. Strandberg, R-Anchorage, chairman of the House committee, also asked for a report in depth on taxes paid by outside corporations doing business in Alaska. ·Sen. Nicholas J. Begich, D Anchorage, joined in the request. "The emphasis has been on incentive to bring business to come to Alaska," Begich said. "We ought to now make sure these companies are paying their share."

Clipped from
  1. Fairbanks Daily News-Miner,
  2. 23 Jan 1968, Tue,
  3. Page 7

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