Legislature(2003 - 2004)
2004-06-22 Senate Journal
Full Journal pdf2004-06-22 Senate Journal Page 3834 SJR 101 SENATE JOINT RESOLUTION NO. 101 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, Proposing amendments to the Constitution of the State of Alaska relating to and limiting appropriations from the Alaska permanent fund based on an averaged percent of the fund market value. was read the first time and referred to the Finance Committee. The following fiscal information was published today: Fiscal Note No. 1, Office of the Governor Fiscal Note No. 2, zero, Department of Revenue Governor's transmittal letter dated June 21: Dear President Therriault: Under the authority of article III, section 18, of the Alaska Constitution, I am transmitting a joint resolution proposing amendments to the Alaska Constitution relating to and limiting 2004-06-22 Senate Journal Page 3835 appropriations from the Alaska Permanent Fund based on an averaged Percent of Market Value (POMV) approach. The question presented to legislators by the joint resolution is whether to allow Alaskans to decide if management of the Alaska Permanent Fund should be modernized to a POMV approach. The POMV approach limits annual spending to five percent of the Alaska Permanent Fund's market value. If adopted by the voters, the constitutional amendments in this joint resolution would change the way in which amounts available for appropriation from the Alaska Permanent Fund are determined. The joint resolution contains the same provisions as CS House Joint Resolution 26(FIN), which passed the House of Representatives during the second session of this Legislature. Under the provisions of this joint resolution, the Legislature could appropriate an amount that would not exceed five percent of the averaged market values of the Alaska Permanent Fund for the first five of the six fiscal years immediately preceding the fiscal year in which the money is appropriated. The provisions do not allocate the amount available for appropriation for a specific purpose. I remain convinced that Alaskans expect us to resolve the state's long- term fiscal problem this year. This resolution is an important part of what must be a bi-partisian solution to the state's fiscal gap. I urge your prompt and favorable action on this measure. Sincerely yours, /s/ Frank H. Murkowski Governor