Alaska state senators say permanent fund dividends formula could be changed
Lawmakers are considering changing how permanent fund dividends are set, as they weigh the size of the state budget.
For the past three years, the state government hasn’t followed the formula to set PFDs that is in state law.
But a few factors have brought the PFD formula to the forefront. One is the election of Gov. Mike Dunleavy, who was elected in part based on a pledge to maintain dividends. Lawmakers also don’t want setting the dividend level to be an annual fight.
There’s also a practical problem. It used to be that PFDs were the only thing that permanent fund earnings would be spent on. With oil production and prices down, the Legislature has turned toward the fund’s earnings to pay for government as well. But without changes to the PFD, dividends could consume the vast majority of the earnings.
Read more: https://www.alaskapublic.org/2019/03/29/alaska-state-senators-say-pfd-formula-could-be-changed/
