Alaska Permanent Fund grew by almost 25% over the last fiscal year to $81 billion
JUNEAU, Alaska (KTUU) - The Alaska Permanent Fund grew by almost 25% over the fiscal year that ended on June 30.
The total value of the Permanent Fund at the end of the last fiscal year was over $81.1 billion. That figure includes over $17 billion in unrealized gains, meaning increases to investments that have not been sold into cash.
The Permanent Fund’s recent growth contrasts to last year. The fund lost value for the fiscal year that ended last June after the annual draw was made for state services and the Permanent Fund dividend.
Gov. Mike Dunleavy has said recent record fund growth justifies spending now to help Alaskans struggling during the COVID-19 pandemic. Some legislators have argued last year’s uncertainty proves why the fund should not be overdrawn.
The constitutionally protected part of the fund was $60 billion on June 30, including a $4 billion deposit mistakenly made by the Dunleavy administration. Over $20 billion was in the Earnings Reserve Account that can be spent by a simple majority vote of legislators.
Angela Rodell, CEO of the Alaska Permanent Fund Corp., gave a presentation on Tuesday to a legislative committee charged with forging a permanent fiscal plan. She repeated calls not to overdraw the fund beyond the 5% statutory limit.
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