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Alaska Permanent Fund Corporation issues warning to Alaska lawmakers
Without formula for spending, trustees say $66 billion fund’s sustainability is at riskThe Alaska Permanent Fund Corporation’s board of trustees issued advice and a warning to the Alaska Legislature on Thursday, marking only the sixth time in the 42-year history of the $66 billion corporation that it has taken such a step.
The board unanimously approved a resolution that says trustees believe the state’s multibillion-dollar deficit and dwindling reserves require spending from the Alaska Permanent Fund. The resolution goes on to state that if the Legislature authorizes such spending, it should do so under an organized system, rather than on an as-needed basis.
“A rules-based system improves the likelihood that the Permanent Fund will be sustainable over time,” the resolution states.
The board of trustees lacks the power to force the Legislature to implement such a system, but the resolution is a significant statement from the apolitical board.
Read more: http://juneauempire.com/state/news/2018-03-15/alaska-permanent-fund-corporation-issues-warning-alaska-lawmakers