A bill before lawmakers would take about $2.5 billion dollars to help pay for state government.
FAIRBANKS, Alaska (AP) — State government officials might be too optimistic about the market when planning to use money from the Alaska Permanent Fund to help pay for state government.
That's what the chief executive officer of the corporation that manages the Alaska Permanent Fund told both the editorial board of the Fairbanks Daily News-Miner on Tuesday.
A bill before lawmakers would take 5.25 percent of the market value, or about $2.5 billion dollars, to help pay for state government.
The fund's CEO, Angela Rodell, says she has concerns about the ability of the fund to keep up with that expectation year after year.
The fund's trustees currently have a goal of a 5 percent return with an additional 2.25 percent for inflation. The fund hasn't met those goals recently because of the market.
Lawmakers will reconvene in special session on July 11 in Juneau to take up the PFD bill and other revenue-generating measures to address the multibillion dollar budget shortfall.
More from News of the North
Mike Grummett Honored at Ringing of the Bell Service
Juneau, AK (KINY) - A Ringing of the Bell service was held at the downtown fire station in honor of Mike Grummett, who had served as a fireman and other various community-related positions.
Forget Me Not Manor Making a Difference in Community According to Survey Data
Juneau, AK (KINY) - The Housing First Forget Me Not Manor has saved the community money and improved the lives of its 32 residents.
Juneau Access Road SEIS Closed
Juneau, AK (KINY) - The Juneau Access Road Project Supplemental Environmental Impact Statement was closed as the Federal Highway Administration announced their decision.
Juneau Soon to Post Listing for City Attorney
Juneau, AK (KINY) - The City and Borough of Juneau are starting the process to hire a new City Attorney after their current attorney Amy Mead will be moving on to the Superior Court.
Dispute over bike leads to shooting, homicide investigation
ANCHORAGE, Alaska (AP) — A dispute over a bicycle that led to a shooting has become an Anchorage homicide investigation.
Panel finds Alaska lawmaker violated ethics law
JUNEAU, Alaska (AP) — A legislative ethics panel said it found by "clear and convincing evidence" that an Alaska lawmaker violated ethics law by disclosing the existence of a complaint that was considered confidential.
Coast Guard finds evidence of oil discharge by fishing boat
JUNEAU, Alaska (AP) — The U.S. Coast Guard says it found evidence a Seattle-based fishing boat discharged oil and bilge waste overboard.
Twin Lakes Swimming Closed Due to High Bacteria Counts
Juneau, AK (KINY) - The City and Borough of Juneau have asked that residents not swim in the Twin Lakes due to a high bacteria count.
Fire chief appreciates positive response to staffing study
Juneau, Alaska (KINY) - Capital City Fire Rescue Chief Rich Etheridge reacted to the reaction to the Fitch Study which recommends additional staffing and equipment to keep up with the ever increasing workload.
Capital City retains high marks for the arts
Juneau, Alaska (KINY) Juneau ranked ninth in a survey of 900 small communities for the vibrancy of its arts programs.
Flood warning issued for Mendenhall River
Juneau, Alaska (KINY) A glacier dammed lake outburst is anticipated in the next 24 hours.
One dead, two hurt in plane crash
Willow, Alaska (KINY) Alaska State Troopers said the plane crash sparked a wildfire Wednesday night.