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Session: State Capitol, Room 403 Juneau, AK 99801-1182 Phone: (907) 465-3438 Fax: (907) 465-4565 Send E-Mail Interim: 716 W 4th Avenue, Suite 600 Anchorage, AK 99501-2133 Phone: (907) 269-0100 Fax: (907) 269-0105 |
Special Appropriation from the Earnings Reserve to the Principal of the Permanent Fund
An Act making a special appropriation from the earnings reserve account to the principal of the permanent fund; and providing for an effective date.
Updated: April 19, 2000
I am offering House Bill 18 to ensure an alternative approach is available to the ongoing debate over the Permanent Fund and the use of its earnings.
As the title suggests, HB 18 would make a special, one-time appropriation from the Earnings Reserve to the corpus of the Permanent Fund. The original appropriation request would have deposited into the principal of the fund the entire amount of the Earnings Reserve as of June 30, 1999, or approximately $2.6 billion. As amended by the House Finance Committee, HB 18 would make a one time deposit of $250 million from the $3.16 billion balance of the Earnings Reserve expected to exist on June 30, 2000, into the principal of the Permanent Fund.
I believe placing the requested amount from the earnings reserve into the corpus of the Fund would serve the dual purpose of further protecting the funds and ensuring the growth of the Permanent Fund.