JUNEAU, Alaska (AP) — The Senate’s budget–writing committee voted to include a full dividend payout from Alaska’s oil–wealth fund this year, with the caveat that the item remains subject to negotiation.
The Senate Finance Committee also approved moving $12 billion from the Alaska Permanent Fund’s earnings to its principal. Fund earnings can be spent with a simple majority vote while the principal is constitutionally protected.
The fund overall was valued at $64.5 billion at the end of March. That includes $18.4 billion in the earnings reserve.
Fund earnings have long been used to pay residents annual dividend checks. But lawmakers last year also began using earnings to help pay for government, creating tension with the dividend.
The Senate still must pass a final version of the budget and sort out differences with the House.
