NO we don't get oil money ,what we get is money from investments the state made with oil money over the years.The state collects oil revenues and is required by law to invest part of that.I think the idea of sharing the money is a way of keeping the people involved,so our lawmakers don't get greedy with those funds.Alex
NO we don't get oil money ,what we get is money from investments the state made with oil money over the years.The state collects oil revenues and is required by law to invest part of that.I think the idea of sharing the money is a way of keeping the people involved,so our lawmakers don't get greedy with those funds.Alex
Do you know who started the idea for the investment? Was it a governor, members of the legislature, or who? I remember during the last presidential race, Sarah Palin was given some credit for the investment concept, which I find to be a great idea. PA, WVA, Kentucky, in fact the entire Appalachian area could have done this with coal money.
__________________ Go ahead, Makarov my day!~~makarov.com
The Truth is...The Alaska Permanent Fund is a constitutionally established permanent fund, managed by a semi-independent corporation, established by Alaska in 1976, primarily by the efforts of then Governor Jay Hammond. Shortly after the oil from Alaska’s North Slope began flowing to market through the Trans-Alaska Pipeline System, the Permanent Fund was created by an amendment to the Alaska Constitution to be an investment for at least 25% of proceeds from some minerals (such as oil and gas) sale or royalties. The Fund does not include either property taxes on oil company property nor income tax from oil corporations, so the minimum 25% deposit is closer to 11% if those sources were also considered. The Alaska Permanent Fund sets aside a certain share of oil revenues to continue benefiting current and all future generations of Alaskans. Many citizens also believed that the legislature too quickly and too inefficiently spent the $900 million bonus the state got in 1969 after leasing out the oil fields. This belief spurred a desire to put some oil revenues out of direct political control.
The Alaska Permanent Fund Corporation manages the assets of both the Permanent Fund and other state investments, but spending Fund income is up to the Legislature. The Corporation is to manage for maximum prudent return, and not—as some Alaskans at first wanted—as a development bank for in-state projects. The Fund grew from an initial investment of $734,000 in 1977 to approximately $28 billion as of March 2008. Some growth was due to good management, some to inflationary re-investment, and some via legislative decisions to deposit extra income during boom years. Each year, the fund's realized earnings are split between inflation-proofing, operating expenses, and the annual Permanent Fund Dividend.
Rich
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[I]You know you might be facing your doom,when all you get is a click when you're expecting a BOOM!:( [/I]
It's actually about half of what we should be getting. But it still helps. I wish they would do a one time pay out. That way all the welfare families with 9 kids would leave.
__________________ I keep tellin ya Doc, I'm in pretty good shape considerin the shape I'm in !!
Local Village stocked up a cash reserve for this years PFD so PFD recipants could get cash back at the village store, the store was busted in on a weekend and they busted the safe made off with in excess of 180K in cash they arrested some the Drunkin fools that did it, some still had large wads of cash on them ($8K) that day there was a AK Trooper there for something else when called he showed up over 40 minuets latter walked in the store stepped over a mound of small bills in the entry way (over $15K they later counted)
the have a 7 in cuffs and still looking for more.
This AM they found a trash bag of bills stashed in a willow thicket containing over $119K in small bills.
