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)
“If a walker is indeed an individualist there is nowhere he can’t go at dawn and not many places he can’t go at noon. But just as it demeans life to live alongside a great river you can no longer swim in or drink from, to be crowded into safer areas and hours takes much of the gloss off walking—one sport you shouldn’t have to reserve a time and a court for.”
—Edward Hoagland (b. 1932)