Senator Josh Revak 

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April 2020

Revak Report
Dear Friends,

The health and economic impacts of COVID-19 are weighing on all of our minds and has placed the state and our nation in uncharted territory. The legislature in the last few weeks focused on completing the budget and passing legislation to help Alaskans during this difficult time.

We are facing very uncertain economic times due to COVID-19, low oil prices, the cruise ship and tourist industry all but non-existent this season, and a down turn in the stock market. As challenging as all this is, we do live in the greatest state with tremendous courage and resiliency.

This Sunday is Easter. Today, Good Friday, has been declared a day of prayer in Alaska. The resurrection is a story of great sacrifice, trial, hope, perseverance, and graceful redemption. These are challenging times. We will no-doubt experience challenging times ahead. When so many things are outside of my control I am especially reminded why redemption is important to me. I lift all Alaskans up in prayer, especially those directly impacted by COVID-19, and hope the end of this national pandemic is near. I also hope we will use this opportunity at home with our families and loved ones to make positive, lasting memories and experience personal growth from these trials. It is important to remember how short, fragile, and precious life is.

I'm honored to serve and represent Senate District M. Please email me (mailto:[email protected]) , call my office at 907-465-3879, or visit us anytime to share you thoughts and concerns.
Thank you,


COVID-19 Aide for Alaskans and Businesses
Unemployment Benefits

HB 308 ([link removed]) This legislation:

1) Waives the standard one week waiting requirement to begin receiving Unemployment Insurance benefits.

2) Increases the weekly per-dependent benefit from $25 to $75, providing some relief for families who have lost childcare and income simultaneously.

To apply for unemployment benefits please click on the picture below.

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Federal Response for Individuals & Businesses

Small Business Administration Information

Assistance for Small Businesses ([link removed]) - Federal relief program overview for "small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards."

Payroll Protection Act ([link removed]) - "The federal Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities."

Individuals

The CARES Act ([link removed]) - Federal Economic Impact Payments ([link removed]) - eligibility and general information regarding the economic impact payments for individuals and married couples.

IRS Tax Filing Extension ([link removed]) - "Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax."

For local assistance with the Small Business Administration (SBA) - click on the picture below to contact the Alaska District SBA Office.

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Legislative Response for Impacts of COVID-19
The legislature passed HB 308 ([link removed]) to expedite and increase unemployment benefits, and SB 241 ([link removed]) extends the public emergency, and removes regulatory burdens during COVID-19 emergency, and provides a moratorium on evictions, foreclosures, and utility cutoffs. See photo below for a quick snapshot of enacted legislation.

In addition, the legislature appropriated approximately $100 million for COVID-19 response funding in HB 206 Mental Health Budget and HB205 Operating Budget, and provided the Governor with open-ended federal receipt authority to address this crisis.
* $75 million to the Department of Health and Social Services Public Health Emergency Programs to bolster Alaska’s emergency medical and trauma systems;
* $5 million to the Disaster Relief Fund to be used by the Department of Military and Veterans’ Affairs to help with the public health disaster response;
* $15 million to the Department of Health and Social Services Emergency Programs;
* $8.5 million CPV funds to communities for cruise ship mitigation;
* Open-ended federal receipt authority for unemployment insurance, Workforce Services, and Medicaid

COVID-19 Health & General Information
COVID-19 information is being updated on a federal, state and municipal level each day. The links below provide valuable information to help you stay up-to-date.

For current information from the Center for Disease Control and Prevention ([link removed])
For current information from the State of Alaska ([link removed])
For current information from the Municipality of Anchorage ([link removed])

United Way manages the 2-1-1 service -
If you need help or connection to services dial 2-1-1 or email [email protected] (mailto:[email protected])
To visit website for additional information - Alaska211 ([link removed])
Due to COVID-19 United Way expanded call center hours from 7am to 8pm days a week

Drive-thru Testing for COVID-19 Available in Anchorage

Anchorage medical providers are offering drive-thru testing ([link removed]) for the new coronavirus. If you are experiencing symptoms, fever, cough or shortness of breath or if you believe you were exposed to the virus notify your primary/urgent care provider first before going to the drive-thru facility. Providers will then refer for testing. A photo ID is required for testing.

Drive-thru Location: 4115 Lake Otis Parkway
Hours of Operation: 9 am to 7 pm

Cases in the United States
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Ways to Help Those In Need
The health and economic impacts of COVID-19 have touched many lives throughout the Anchorage area and state. A recent article ([link removed]) indicated the demands at local food pantries have grown since the spread of COVID-19. The Food Bank of Alaska provides ways to volunteer ([link removed]) and donate ([link removed]) . In addition, the website includes a meal and food distribution calendar ([link removed]) with locations throughout the Anchorage and Mat-Su.
FY21 Budget Information
The FY21 Operating Budget H ([link removed]) B 205 ([link removed]) totals $4.74 billion in state unrestricted general funds ([link removed]) . It funds agency operating expenses at $4.62 billion, includes $120 million for a capital budget that leverages nearly $1 billion in federal money for road projects, bridges, and other infrastructure needs, and provides $680 million for a $1,000 Permanent Fund dividend for each eligible Alaskan. In addition, the legislature added $88 million in emergency funding for COVID-19. In an effort to fight COVID-19 the legislature provided the Dunleavy administration with open-ended federal receipt authority to address the public health emergency.

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...people vs government that causes me to ask myself is it not also the people's education, the people’s health care, the people's roads and the people's bridges and infrastructure...
Governor Signs Budget With Vetoes

The Governor, on April 7th, signed HB234 ([link removed]) , the FY20 Supplemental Budget, and HB205 ([link removed]) , the FY21 Operating Budget, into law but not before he vetoed approximately $61.8 million in the Supplemental Budget and $1.33 billion in the Operating Budget. The Governor indicated that several items vetoed will ultimately be funded from the federal COVID-19 relief funds.

To see a complete list of items vetoed - click on the links below:

FY20 Supplemental Vetoes ([link removed]) include:
- Medicaid $31 million
- Community Assistance $30 million

FY21 Operating Budget Vetoes ([link removed]) include:
- $1.056 billion to Inflation proof Permanent Fund
- $15.5 million to Alaska Marine Highway
- $12.5 million to University of Alaska (based on FY19 agreement with the University)
- $30.0 million to Education

Vetoed Items of Interest ([link removed]) from Supplemental and Operating Budget.
Spring 2020 Revenue Forecast

The Department of Revenue released the Spring 2020 Revenue Forecast ([link removed]) on April 6th. The department issues a fall and spring forecast in order to update oil prices and production, and other revenues, based on current economic conditions, so we can better predict expected revenues to the state. The recent decline in oil prices for the current FY20 has been adjusted from $63.54 to $51.65 per barrel, and the forecast for FY21 to $37.00 per barrel. In addition, the department indicated that the impacts of COVID-19 have made it difficult to predict the future prices of oil, tourism industry and the stock market.
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Earnings Reserve Account & Constitutional Budget Reserve Balance Information

Earnings Reserve Account Balance ([link removed]) after the committed $7.9 billion for the FY20 Special Appropriation and Inflation Proofing, and FY21 Percent of Market Value (POMV):


$9.9 Billion

Constitution Budget Reserve Balance ([link removed]) after the $1.78 billion transfer for the FY20 Budget and Supplemental Budget, and FY21 Budget:


$411 Million


Status of Oil, Stock Market, & Permanent Fund

April 8, 2020
ANS Crude Price: $25.33 bbl
+7.13
+39.15%

ANS Production: 498,132 bpd
-11,615 bpd
-2.13%

Alaska Permanent Fund Value: $61.2 billion
+$614.8 million
+1.0%
-$5.1 billion FY20 to date
-7.7% FY20 to date
(PF value, June 30, 2019: $66,300,267,000.00)

Top 10 worst years (1 being worst) for the SP 500 in since 1928:
1. 1931: -47.07% (Great Depression)
2. 1937: -38.59% (Great Depression)
3. 2008: -38.49% (Great Recession / Housing Bubble)
4. 1974: -29.72% (Oil crisis)
5. 1930: -28.48% (Great Depression)
6. 2002: -23.37% (Dot-Com Bubble)
7. 1941: -17.86% (Great Depression)
8. 1973: -17.37% (Oil crisis)
9. 1940: -15.29% (Great Depression)
10. 1932: -15.15% (Great Depression)

2020: -13.65% (so far - 4/8/20)
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Staying involved with the Alaska Legislature is easy and right at your fingertips. Click on the picture above to view committee schedules and hearings, track legislation and associated documents, or email your legislator with any comments or concerns.
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Our mailing address is:
Session: State Capitol, Room 125, Juneau, AK 99801
Interim: 1500 West Benson, Room 410, Anchorage, AK 99503

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