Alaska Legislature costs Alaska Permanent Fund millions
JUNEAU, Alaska (AP) — The Alaska Permanent Fund is worth $62 Billion, and it has paid a dividend to hundreds of thousands of Alaska residents each year since 1982.
But the Juneau Empire reports the Alaska Legislature this year flirted with the idea of yoking the Permanent Fund to the service of government.
Lawmakers, in an effort to avoid a government shutdown, even proposed having the Permanent Fund cover most state government expenses.
The Permanent Fund pulled billions of dollars out of investments to meet demands the Legislature might — but never did — make.
Instead of earning 12.5 percent interest from booming stock market investments, the Permanent Fund earned little on the billions it prepared.
It still is unclear how much money the Permanent Fund lost as a result.
Information from: Juneau (Alaska) Empire, http://www.juneauempire.com