Alaska Permanent Fund Waits for Legislature to Agree on Budget
Posted on 05/22/2021
State legislators in Alaska had a special session on May 21, 2021. If lawmakers in Alaska cannot have a plan in place before June 1, 2021 and if the plan does not get approval by Alaska Governor Mike Dunleavy, then a large portion of Alaska state employees will receive contractually obligated notices warning them that they will be temporarily laid off one month later. These employees include workers at the Alaska Permanent Fund Corporation (APFC). The APFC would prepare to close and move money into passive management.
In the fiscal year that starts July 1, 2021, the State of Alaska projects US$ 4.7 billion in revenue and costs of around US$ 6.7 billion to pay for budgeted state services and a Permanent Fund dividend using the traditional formula in state law.