JUNEAU, Alaska (KTUU) -
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Data is sourced from the Alaska Department of Revenue's Permanent Fund Dividend Division and the Alaska Permanent Fund Corporation.
On July 19, the Alaska Permanent Fund hit a milestone, as it reached an unaudited value of over $60 billion, according to the Alaska Permanent Fund Corporation (APFC).
In 1976, Alaskans voted to amend the constitution to put at least 25 percent of the oil money in a dedicated fund: the Permanent Fund. It was an effort to save money for future generations.
The entire Fund is managed as a single investment pool, and it is invested in assets like stocks, bonds and real estate. Moreover, the Permanent Fund contains two major accounts: the corpus and the earnings reserve. The Alaska Constitution states that the principal money may not be spent. The latter contains the interest the fund has accrued over the years, and the earnings may be spent by the Legislature for any public purpose, including the annual Permanent Fund Dividend checks made out to Alaskans.
Dividends, historically, have been based on the earnings reserve's value over a 5-year period. But this year and last, instead, have been set arbitrarily by policymakers.
This fall, residents will receive a check for $1,100, as called for in the operating budget, unless the Democrat-led House, Republican-controlled Senate and governor agree to add more cash for dividends into the capital budget.