News from the Alaska State Legislature, the Office of Senator Stedman
For Immediate Release: April 26, 2019

Senate Finance Proposes $3,000 PFD, Locks up Earnings

Stedman_stamp.jpgSenator Bert Stedman   Web Site    Send Email

JUNEAU – The Alaska Senate Finance Committee today approved amendments boosting this year’s Permanent Fund dividend to about $3,000 per person and transferring $12 billion from the Permanent Fund’s earnings reserve account into the fund’s constitutionally protected corpus.

“We must take effective action to protect the Permanent Fund,” said Senator Bert Stedman, R-Sitka, co-chair of the Senate Finance Committee. “Today’s proposals recommend paying the full, statutory dividend amount this year, locking up $12 billion into a vault and throwing the keys away.”

Including a $3,000 dividend in the Senate’s version of the budget creates the possibility for a House and Senate conference committee to negotiate up to the full, statutory dividend amount.  

The Alaska Permanent Fund currently has about $64.5 billion in assets, $18.4 billion of which sits in an earnings reserve account that can be spent by the Legislature with a simple majority vote. An amendment adopted by the Senate Finance Committee today would move $12 billion from the earnings reserve into the corpus, which cannot be accessed without changing the state’s constitution.     

“This amendment moves $12 billion into the Permanent Fund’s corpus, protecting those funds for future generations,” said Senator Natasha von Imhof, R-Anchorage, co-chair of the Senate Finance Committee. “It imposes a spending cap on state government and forces the conversation on a sustainable dividend calculation.”  

Once the operating budget is moved out of the Senate Finance Committee, it will be considered by the full Senate.    

“The Permanent Fund is not for us to squander,” Sen. Stedman added. “Our generation has been very fortunate over our working lifetime with the oil boom. We need to ensure this fund is available for our grandchildren and great grandchildren.”

For more information, contact Senate Majority Communications Director Daniel McDonald at (907) 465-4066.

###

Share this on Twitter Tweet icon-facebook.png Share

News & Videos more >

Senator Cathy Giessel

Governor’s Call Amended to Include Capital Budget

Today, Governor Mike Dunleavy amended his call for the Second Special Session to include the unfinished capital budget appropriations bill and to change the session location from...  Full Story >>

Senator Cathy Giessel

Legislative Leaders Act With a Sense of Urgency as Veto Overrides Fail

This week, the clock ran out on the Alaska Legislature's constitutional opportunity to reject Gov. Mike Dunleavy's $444 million in budget vetoes through an override vote supported by...  Full Story >>

Majority Press Office

Alaska Legislature to hold veto override session on Wednesday

Joint floor session scheduled for 11:30a.m. in the Alaska State Capitol  Full Story >>

Senator Cathy Giessel

Statement from Alaska Senate President on Governor’s Vetoes

ANCHORAGE – Senate President Cathy Giessel, R-Anchorage, today released the following statement on Governor Mike Dunleavy’s announced vetoes to the state’s operating budget....  Full Story >>

Majority Press Office

Legislature to Meet in Juneau, Hold Most Meetings in Anchorage

JUNEAU – The Alaska Legislature announced today it will convene in Juneau on July 8th for the 2nd special session, with the majority of meetings to be held in Anchorage....  Full Story >>

Senator Cathy Giessel

Senate President Giessel Statement on End of First Special Session

JUNEAU – Senate President Cathy Giessel, R-Anchorage, today released the following statement on the conclusion of the first special session of the 31st Alaska Legislature....  Full Story >>

Senator Gary Stevens

Sen. Gary Stevens Comments on Release of $20 Million Grant to Schools

JUNEAU – With about three weeks remaining in the 2019 fiscal year, the Dunleavy administration this week distributed a one-time $20 million grant appropriated last year by the Alaska...  Full Story >>

Majority Press Office

Legislature Delivers Smallest Budget in 15 Years

JUNEAU – The Alaska Senate today voted unanimously for the smallest operating budget in 15 years, resulting in a $600 million surplus.  Full Story >>

Senator Bert Stedman

Legislature Achieves Historic Budget Cuts

Budget also transfers more than $10 billion to Permanent Fund’s protected principal  Full Story >>

Majority Press Office

Legislature Sends SB 91 Repeal to Governor's Desk

JUNEAU – The Alaska Legislature today voted to repeal and replace Senate Bill 91, strengthen the state’s sex crime laws, and provide police and prosecutors with new tools to fight...  Full Story >>

Find your Senator full map