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Senator Sean Parnell State Capitol, Room 518 Juneau, AK 99801-1182 Phone: (907) 465-2995 Fax: (907) 465-6592 Send E-Mail |
Senator John Torgerson State Capitol, Room 516 Juneau, AK 99801-1182 Phone: (907) 465-2828 Fax: (907) 465-4779 Send E-Mail |
| For Immediate Release: March 31, 1999 | |
| Contact: |
Senator John Torgerson at (907) 465-2828 or Senator Sean Parnell at (907) 465-2995 |
Juneau -- The Senate Finance Committee today heard long-term funding options from the Alaska Permanent Fund Corporation, as well as an expert on investing and protecting the state’s major savings account. As the legislature grapples with ways to address a $1.2 billion dollar budget shortfall, the Finance Committee continues to hear from financial experts on tools necessary for crafting a long-term, sustainable financial plan for the state.
Both Finance Committee Co-Chairs say preserving and protecting the state’s primary savings account is vital to any long-range fiscal plan.
Senate Finance Co-Chairs Senator Sean Parnell (R-Anchorage) and Senator John Torgerson (R-Kasilof)) both have comments on the Senate Actuality Line regarding today’s presentations. The Actuality Line number is 1-800-478-6540.
Senator Sean Parnell: The Senate Finance Committee is relying on some of the world’s best experts to tell us how to preserve and protect the Permanent Fund for future generations. That’s got to be part of any long-range financial plan we develop this session--and we’re working with the best people to do that.
Senator John Torgerson: Today in Senate Finance we heard two great presentations, one by the Permanent Fund Corporation itself, and one by one of the major financial advisors to the fund, the Callan Associates out of San Francisco. Both presentations focused on the investment policies and the structures of the fund. They presented some key assumptions to the Finance Committee that they use in their projections for future dividends and earnings of the fund. Some of those assumptions include the stock market, the international market, inflation, and the other pressures that are on any fund of this size to make earnings available for distribution. By using a computer model they were able to give us an idea of what the fund might look like over the next 20 years based on those assumptions.
Broadcasters note: Audio comments are available on the
Majority Actuality line, 1-800-478-6540
= John Torgerson, 61 K
= Sean Parnell, 21 K
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