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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. From February ...
Hammond served as a state representative from 1959 to 1965 and as a state senator from 1967 to 1973. From 1972 until 1974 he was the mayor of the Bristol Bay Borough. Then, in 1974, he was elected governor of Alaska. He oversaw the creation of the Alaska Permanent Fund in 1976, which, since the early 1980s, has paid annual dividends to Alaska ...
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]
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]
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]
Aug. 22—Former commissioner of the Alaska Department of Environmental Conservation Jason Brune was appointed Tuesday to serve on the Alaska Permanent Fund Corp. board of trustees.
Nicknames: The Last Frontier, Land of the Midnight Sun, Land of the Noonday Moon, Seward's Folly Capital: Juneau Governor: Michael J. Dunleavy (R) Lieutenant Governor Kevin Meyer (R)
Put simply, a permanent fund may be used to generate and disburse money to those entitled to receive payments by qualification or agreement, as in the case of Alaska citizens or residents that satisfy the rules for payment from their permanent fund from State oil revenues. It was first introduced through GASB Statement 34. The name of the fund ...