Simply reduce gov't spending to reflect the "income" of the State.  Sounds easy but no one wants to give up all the icing that was lathered on the budget cake, during the flush years. Alaska's population is small and needs to grow to enjoy a 'large budget expenditure.' Our State is set-up exactly as if we had a very large population and plenty of revenue.  We have "Departments" for everything.  We support a vast playground for tourists, for a season that lasts maybe 3 months.  The State's choices are limited, when it comes to getting revenue - so that would be a income tax, a state sales tax, or an honest reflection of industry tax.  Those are the choices and I'm not mentioning the PF because, if it had been available, it would have already been spent on pet projects( visitor centers, roads that don't directly expand the economic base in the area served, more "regulatory Departments", serving a tiny fraction of the population - profit from those not worth the office staff.)