By Becky Bohrer
The Associated Press
1:27 PM AKST, January 24, 2012
Alaska faces tough budget decisions similar to those of a person approaching retirement age, according to the director of the Legislative Finance Division.
David Teal says that as income falls, such a person needs to rely on savings. He says the state faces tough budget decisions as oil production continues to decline.
Among those challenges: a huge unfunded pension liability and finding ways to limit growth in state government.
Teal says growth has been around 7.8 percent, and it will be hard for lawmakers to stay at the 3.2 percent agency growth proposed by the governor for the next fiscal year.
Teal made his comments before the Senate Finance Committee, which is seeking a more holistic look at the issues at hand to identify priorities.