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.
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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.
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