Last week I heard one person ask another what their definition is of a “fiscal plan.” As more people begin to realize the state’s fiscal situation, I anticipate we will hear the term more.
One entity defines a “fiscal plan” as “[a]n outline of the government’s revenue and expense projections.” In Alaska, however, that definition is only partially complete. There are two other elements that I believe are important to a complete defintion here. One is is achieving a balance between revenues and expenses. The second is long term. Put together, a fiscal plan is “[a]n outline of the government’s long term revenue and expense projections, designed to achieve balance.” Continue reading