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
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-Southeast Islands, 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.
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