The Alaska Permanent Fund (APF) is a constitutionally established fund managed by the Alaska Permanent Fund Corporation (APFC), a state-owned entity. Created in 1976 under Governor Jay Hammond and Attorney General Avrum Gross, as stated in Article 9, Section 15 of the Alaska State Constitution, its assets were initially managed by the Department of Revenue Treasury Division. In 1980, the Alaska State Legislature established the APFC to specifically oversee and manage the Fund.
In 1969, the state got a $900 million bonus after leasing out the oil fields.
In February 1976, the Alaska Permanent Fund (APF) was established by Article 9, Section 15 of the Alaska State Constitution under Governor Jay Hammond and Attorney General Avrum Gross.
In 1976, the fund's intent was to fund state government after the temporary oil riches ceased.
In 1977, the fund started with an initial investment of $734,000.
In April 1980, the Alaska State Legislature created the Alaska Permanent Fund Corporation (APFC) to manage the state's Permanent Fund assets, taking over from the Department of Revenue Treasury Division which had managed the fund since February 1976.
In 1982, the U.S. Supreme Court in Zobel v. Williams, 457 U.S. 55, disapproved the initial dividend plan of paying Alaskans $50 for each year of residency up to 20 years, deeming it an invidious distinction burdening interstate travel. This resulted in each qualified resident receiving the same annual amount, regardless of age or years of residency.
In 1982, the fund's intent changed when the Dividend program began.
In 1984, the lowest individual dividend payout from the Alaska Permanent Fund was $331.29.
In 1991, the Constitutional Budget Reserve (CBR) was established as a companion fund to the Permanent Fund to ease problems from the variability of oil revenue.
In 1999, despite an advisory vote asking if the government could spend "some" part of Permanent Fund earnings for government purposes and campaign spending greatly favoring the "yes" side, the public voted "no" by nearly 84%.
In 1999, most Alaskans (84%) disapprove of allowing the government to tamper with the fund, especially if that means government might spend Fund income.
In 2000, former state senator Dave Donley recognized that the high vote requirement to spend CBR money had a perverse and unintended consequence.
In 2000, the APFC Board of Trustees proposed changing the Permanent Fund's management system to a Percent of Market Value (PoMV) approach, but the POMV died in the Legislature.
In 2004, Michael J. Burns became executive director of the Alaska Permanent Fund Corporation.
In 2007, former state senator Dave Donley recognized that the high vote requirement to spend CBR money had a perverse and unintended consequence.
In 2008, Governor Sarah Palin signed Senate Bill 4002, providing a one-time special payment of $1,200 to every Alaskan eligible for the Permanent Fund Dividend (PFD), using revenues generated from the state's natural resources.
As of July 9, 2015, the Alaska Permanent Fund had grown to approximately $53.7 billion from an initial investment of $734,000 in 1977.
In July 2015, executive director Michael J. Burns died, having led the Alaska Permanent Fund Corporation since 2004.
From 2015 to 2017, a POMV approach was again considered for the Alaska Permanent Fund. The market price for North Slope oil fell from an average $107.57 per barrel in FY2014 to $50.05 per barrel in FY2017. This price shift caused an 80 percent decline in state revenue and resulted in a multibillion-dollar budget gap.
From 2015 to 2017, a POMV approach was again considered for the Alaska Permanent Fund. The market price for North Slope oil fell from an average $107.57 per barrel in FY2014 to $50.05 per barrel in FY2017. This price shift caused an 80 percent decline in state revenue and resulted in a multibillion-dollar budget gap.
A 2018 paper found that the Alaska Permanent Fund "dividend had no effect on employment, and increased part-time work by 1.8 percentage points (17 percent)... our results suggest that a universal and permanent cash transfer does not significantly decrease aggregate employment."
A 2019 study found "a 14% increase in substance-abuse incidents the day after the [Alaska Permanent Fund] payment and a 10% increase over the following four weeks. This is partially offset by a 8% decrease in property crime, with no changes in violent crimes.
As of 2019, the Alaska Permanent Fund was worth approximately $64 billion, funded by oil and mining revenues. The fund has paid out an average of approximately $1,600 annually per resident (adjusted to 2019 dollars).
In 2022, the highest individual dividend payout from the Alaska Permanent Fund was $3,284.
A 2024 paper in Poverty & Public Policy found that the Alaska Permanent Fund "reduced the number of Alaskans with incomes below the US poverty threshold by 20%–40%" and "reduced poverty rates of rural Indigenous Alaskans from 28% to less than 22%".
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