Legislature(2003 - 2004)

2004-06-22 Senate Journal

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2004-06-22                     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                                      
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,                                                                                    
Frank H. Murkowski