Here's how you balance the budget, quick, simple and clean.

Cut funding to megaprojects like the gas line, the Port MacKenzie rail line, Knik bridge, etc.
Cut the Legislatures per diem, etc down to the same rate as the rest of state workers. Eliminate travel unless it's approved by say the Governor. Move the legislature to using State fleet vehicles and housing rather than per diem and moving POVs in Juneau.
Consolidate operations in several areas to reduce duplicate work within departments and the state government as a whole.
Repeal SB21 oil tax breaks
Reduce subsidies to UA system, begin converting UA to an endowment operated school system.
Implement a state income tax at a low rate and "buy out" Alaskans from the PFD (buy out of say, $10-$15k per eligible individual who has received a dividend at least the last 5-7 years) and end future dividend payments entirely. Restructure the PFD so all earnings go towards the state budget in lean times or improving principal in wealthy times