Protecting the Permanent Fund: The Board of Trustees’ Recommendation for a Rules-Based Permanent Fund Endowment Model
This event was co-hosted by Institute of the North and Commonwealth North.
The Alaska Permanent Fund (APF) was established to save and invest some of the revenue the State receives from oil and other mineral resource development so that there would be funds available for future state expenditures, including for the Alaska Permanent Fund Dividend (PFD). Today the State receives much less revenue from mineral development, and the APF is the primary source of funds for operation of State government, capital projects and the PFD. But the current structure of APF creates a risk that insufficient funds will be available in any given year to pay for these things, which would result in an immediate fiscal crisis for the State and a host of negative repercussions for Alaskans.
For more than 20 years the APF Trustees have recommended making a structural change to the APF to avoid this risk, and to modernize the APF into a “Rules-based Permanent Endowment.” The Trustees can recommend them, but it takes action by the Alaska Legislature to make changes to the APF and may involve a constitutional amendment.
Panelists:
- Deven Mitchell, CEO and Exec Director, APF Corporation (View Presentation Slides)
- Steve Rieger, Former State Senator and former APF Trustee (View presentation slides)
- Penny Gage, Alaskan, parent, advocate
- Senator Cathy Giessel
THANK YOU to 49th State Brewing for supporting this event!
