Alaska Permanent Fund grew by $1.4B in last fiscal year

Despite a large transfer of funds to the state treasury, the Alaska Permanent Fund has grown by $1.4 billion.

The Anchorage Daily News reported Sunday that the fund earned enough from investments to grow by 2% in the fiscal year that ended June 30.

The Permanent Fund Corporation’s board of trustees says the fund stood at $66.3 billion, up from $64.9 billion on the same date in 2018.

Officials say $2.7 billion was transferred and divided in two parts: $1 billion on last year’s $1,600 dividend for residents and $1.7 billion to pay for state services.

Related: Dunleavy decision on PFD could affect timing of dividend payment

The newspaper reports that under a system the Alaska Legislature approved in 2018, the permanent fund is now more important to the budget than the oil industry and all other taxes combined.

Previous articleDelta Western fined $400,000 over Juneau tank farm violations
Next articleAlaska commerce chief attacks alcohol board regulation draft
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.