STATE CAPITOL
PO. Box 
Juneau. AK 9981l-000]
907?465-3500

July 5, 2019

Mr. Michael Martin


,z 
- Eve-5Governor Michael J. Dunleaw
STATE OF ALASKA

EVP, COO, General Counsel Corporate Secretary

Northrim Bank
3111 Street
PO. Box 241489

Anchorage, AK 99503

Dear Mr. Martin:

550 West Seventh Avenue. Suite [700
Anchorage, AK 9950 
907-269-7450

(23? XQ 



$0

I appreciate the thoughts shared by the bankers in Alaska who are part of your organization. You
have made their position clear.

You argue that a 12% reduction, $668 million overall, in state spending is apparently far too
much for the economy to handle. I respectfully disagree. In my judgement, a 12% reduction is
realistic, responsible and reasonable. I note that the bankers had no complaints when regular
Alaskans were taxed with a couple billion dollars removed from the economy through slashed
PFDs in 2016, 2017 and 2018.

The state budget was arti?cially propped up using $14 billion in savings. That cannot continue.
Expenditures must equal revenue, as I promised when I ran for of?ce. Our budget moves in that
direction and we are now halfway to a balanced budget.

I am not sure why the bankers in Alaska are so adamantly opposed to individual Alaskans
receiving a statutory PFD. I think it is important to remember that the people of Alaska have the
authority and power to initiate or repeal policies that could impact any plans to solve the ?scal
issue. Following the law and providing a full statutory PFD will help restore the necessary trust
with the people of Alaska. Only then will we have a real opportunity to establish a stable,

durable ?scal plan.

Sincerely

Michael J. Dunleavy
Governor