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The Alaska Permanent Fund (APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation (APFC). [1] It was established in Alaska in 1976 [2] by Article 9, Section 15 of the Alaska State Constitution [3] under Governor Jay Hammond and Attorney General Avrum Gross.
State Fund Assets Origin Value (in billions) As of Ref. 1 Alaska: Alaska Permanent Fund: 74.455 December 2022 [3] Petroleum: 2 Texas: Permanent School Fund: 55.624 August 2022 [4] Commodity / petroleum: 3 Permanent University Fund: 31.763 August 2022 [5] 4 New Mexico: New Mexico State Investment Council Permanent Funds 31.000 December 2020 [6 ...
The Alaska Permanent Fund is a legislatively controlled appropriation established in 1976 to manage a surplus in state petroleum revenues from the recently constructed Trans-Alaska Pipeline System. From its initial principal of $734,000, the fund has grown to $40 billion as a result of oil royalties and capital investment programs. [27]
The government of Alaska in common with state and federal governments of the United States, has three branches of government: the executive, consisting of the Governor of Alaska and the state agencies; the state legislature consisting of two chambers, the House of Representatives and the Senate; and the judiciary consisting of the Supreme court and lower courts.
Under Governor Miller, Alaska completed the sale of land leases in Prudhoe Bay, which brought a windfall of $900 million. [8] The funds from the oil leases were seven times the state’s budget and seven years after he first proposed an investment fund for oil royalties, Governor Jay Hammond established the Alaska Permanent Fund. [9] [10]
The Alaska Permanent Fund is a state-owned investment fund established in 1976 to invest surplus revenue from Alaska's oil and gas reserves. The PFD is an annual payout from the fund's earnings to eligible Alaska residents. During Governor Bill Walker's administration, the payments were reduced through the legislative budget process. [69]