Audit Raises Questions on Alaska's Fund Shift
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Audit Raises Questions on Alaska's Fund Shift
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Former Alaska Revenue Commissioner Wayne Crums decision to invest $20.6 million from the states Constitutional Budget Reserve Fund into DigitalBridge is under scrutiny. The move, made last summer, locked the cash away for at least five years, potentially hindering the states ability to balance its budget. An audit questions if Crum followed his legal duties and investment rules. Crum, now running for governor, defends his decision for better long-term returns, citing a prior review that found no conflicts or crimes. Lawmakers are demanding hearings and stricter investment rules, while Crums camp welcomes clearer guidelines. The audit highlights skipped steps and the states loss of $860,000 in fees and costs. The episode underscores the need for ironclad guards on rainy day funds during tough budget times.
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