Legislature(2017 - 2018)

2017-03-01 Senate Journal

Full Journal pdf

2017-03-01                     Senate Journal                      Page 0381
SB 21                                                                                                                         
The State Affairs Committee considered SENATE BILL NO. 21 "An                                                                   
Act relating to appropriations from the income of the Alaska                                                                    
permanent fund; relating to the calculation of permanent fund                                                                   
dividends; and providing for an effective date" and recommended the                                                             
adoption of the following Letter of Intent:                                                                                     
                           State Affairs Committee                                                                             
                               Letter of Intent                                                                                
It is the intent of the Senate State Affairs Committee that when                                                                
subsequent committees of referral in both bodies of the Alaska                                                                  
Legislature consider Senate Bill 21 (Permanent Fund: Income;                                                                    
POMV; Dividends), or any related legislation dealing with the use of                                                            
the earnings of the Permanent Fund, that those committees strongly                                                              
consider including the following elements.                                                                                      
     1. Protection of the corpus of the Permanent Fund against the                                                              
          erosive effect of inflation over time.                                                                                
     2. A draw limit on the portion of earnings of the Permanent                                                                
          Fund drawn for use by state government.                                                                               
     3. A savings rule which captures and saves at least some peak                                                              
          revenue, and places these savings into the corpus of the                                                              
          Permanent Fund.                                                                                                       
Signing no recommendation: Senator Dunleavy, Chair; Senators Egan,                                                              
Wilson. Signing do pass: Senator Giessel.                                                                                       
The following fiscal information was published today:                                                                           
     Fiscal Note No. 1, zero, Department of Administration                                                                      
     Fiscal Note No. 2, Department of Corrections                                                                               
     Fiscal Note No. 3, zero, Department of Revenue                                                                             
The bill was referred to the Finance Committee.