Billions unaccounted for or “misplaced” in Budget

I came across this statement a few months back, it’s a DOA release of their independent audit. Every Alaskans should see the money, Billions unaccounted for or just “misplaced “ it shocked me, and it should shock you. Remember, this is one branch. Too long has Alaska been the forgotten state. Corruption—slush funds allowed to reek havoc on our wealth—turning Alaska into a place most Alaskans barely recognize. If we are going to salvage Alaska from the grips of those who wish to control her resources, we must vote smart. A vote for Walter Jones is a vote to put Alaska First, get to the bottom of this corruption, and hold those accountable that have profited off the wealth of the people.

“Every year, an independent State Auditor conducts an audit of our State finances to ensure the numbers are accurate and our laws are being followed. The results were recently released in a document called the “Annual Comprehensive Financial Report.” The Auditor issued a “Qualified Opinion” of the State’s finances because of significant “misstatements” that “were not reported in accordance with generally accepted accounting principles” and which “management declined to correct.” The Auditor found the actions of the Executive Branch “violate state law” and “provides misleading information.” The Auditor found:

  • The Department of Natural Resources failed to transfer $199 million in dedicated revenues to the Permanent Fund.
  • The State understated the General Fund balance by $108.6 million and overstated the fund balances of four State departments by a similar number.
  • The State “materially misstated” the balance of the Constitutional Budget Reserve Fund by $1.5 billion “and declined to correct the misstatement.”
  • The State failed to deposit over $1 billion in oil taxes, royalties and interest received as a result of Federal Energy Regulatory Commission decisions into the Constitutional Budget Reserve.
  • Taxes due as a result of Federal Energy Regulatory Decisions are required to go into the Constitutional Budget Reserve, but instead were illegally permitted to be offset against oil tax credits alleged to be due the oil industry
  • The Auditor found the State had failed to properly deposit into the Constitutional Budget Reserve monies received in 2018, 2019, 2020, and 2021. Instead, the State reclassified these prior year monies in a way that “violates state law and provides misleading information to users of the financial statements.”

The Legislature is fixing some of the above items in the budget. The other items would require a lawsuit against the Executive branch and there have been discussions about filing such a lawsuit to ensure the remaining items are corrected.

2021acfr

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