by truthwillout777
For 41 years, Alaskans’ bank accounts have been refilled with dividends – usually more than $1,000 – from the $76.6 billion Alaska Permanent Fund. More recently, the fund also has been the biggest source of money paying for state government. But what if there was no money available for either dividends or the state budget?
Permanent Fund managers have long known the fund could one day have less available to spend than is needed. They now say that day could be coming uncomfortably soon, in perhaps just three years.
Since last July, it’s been a bad year for fund income as it’s defined by state law. And that’s raising the possibility that the amount the state can spend from the fund could hit zero without changes in either fund investment growth or state policy. The board of trustees of the corporation that manages the fund don’t see easy solutions.
Board of trustees Chair Ethan Schutt said the same factors that drove down fund income this year may recur next year.
“I don’t think any of us are anticipating a herd of unicorns running by to save us from ourselves,” Schutt said.
The amount of income flowing into the spendable account this year is on pace to be more than $2 billion less than projected, fund staff told the trustees at a May 17 meeting in Soldotna.
CEO: Permanent fund sees record returns
“The Alaska Permanent Fund has generated successful returns for fiscal year 2021, according to Alaska Permanent Fund Corporation CEO Angela Rodell.
Rodell gave a presentation on the state of the fund to around 20 people at the joint Kenai and Soldotna Chamber luncheon on Wednesday.
“I have never seen returns like this ever,” Rodell said, referencing her 25-year career. “I don’t think I will ever see anything like that in my lifetime again.”
In total, the fund achieved a 29.7% return this fiscal year, Rodell said.”
https://www.peninsulaclarion.com/news/ceo-permanent-fund-sees-record-returns/
Dunleavy replaced the board to have her fired, the best fund manager the state has ever seen just because she suggested that they be careful with the massive PFDs because should couldn’t guarantee always making 29% returns.
So now we get 3% returns.
This is outrageous and dangerous to our budget.
He needs to be held accountable and we must beg Angela Rodell to come back ASAP!