Nearly every Alaskan will receive a check for $1,312 this week, the annual dividend from the earnings of the state’s nest-egg oil-wealth fund.
A money services store in Anchorage, Alaska, is shown Oct. 2, 2023, advertising PFD check cashing services as the state plans to begin distributing $1,312 checks to nearly every Alaskan this week. The PFD, or the Permanent Fund dividend, is the annual share of the earnings from the state's nest-egg oil-wealth fund given to residents. – Nearly every Alaskan will receive a $1,312 check starting this week, their annual share from the earnings of the state’s nest-egg oil fund.
This year, the state Legislature approved a one-time, $175 million funding boost for schools in response to pleas from administrators who said they were being forced to cut programs or increase class sizes. But Republican Gov. Mike Dunleavy cut the funding in half. The fund is enshrined in the state constitution, which stipulates that at least 25% of mineral lease rentals, royalties and other income related to oil and mineral development go into the fund. The fund's principal is constitutionally protected but its earnings are spendable. The dividend is not in the constitution.
As lawmakers weigh the dividend's future, Erickson favors “something that’s reasonable, not too small and not too big. We don’t want too big to wipe it out. We want to make it consistent to where it’ll last longer, and a fair amount. Anything we’re happy for, anything helps.”For years, until 2015, the amount of investment earnings allocated to dividends was based on a rolling average of the fund's performance, and the announcement of the yearly amount often was aired on live TV.
Moderating oil prices and lower revenue projections led to lower dividends this fall — but lawmakers promised a bonus check of up to $500 next year if oil prices exceed forecasts.
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