Borough Mayor Bryce Ward has correctly sized up the so-called “education investment reserve” as a tax increase that will do little for education in Fairbanks.
Ward vetoed the ordinance, the only sensible thing to do. “The creation of the reserve will increase taxes and will not increase education funding—it will most likely decrease education funding over the short term,” Ward wrote Tuesday.
The right-wing majority on the assembly approved the ordinance 5-4 just before the election. It was a piece of campaign fluff that sponsor Aaron Lojewski promoted as a visionary approach to education funding, claiming it would work something like the Alaska Permanent Fund in the decades to come.
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