Legislature(2021 - 2022)
2021-08-23 Senate Journal
Full Journal pdf2021-08-23 Senate Journal Page 1357 SB 3001 SENATE BILL NO. 3001 BY THE SENATE RULES COMMITTEE BY REQUEST OF THE GOVERNOR, entitled: "An Act making an appropriation from the general fund to the Department of Education and Early Development for the payment of educational programs; making an appropriation from the earnings reserve account for the payment of permanent fund dividends; making an appropriation from the earnings reserve account to the budget reserve fund; and providing for an effective date." was read the first time and referred to the Finance Committee. Governor's transmittal letter dated August 19: Dear President Micciche: Under the authority of Article III, Section 18 of the Alaska Constitution, I am transmitting an appropriation bill pursuant to the implementation of a comprehensive fiscal plan for the State of Alaska and in support of recommendations made by the Alaska State Legislature’s Comprehensive Fiscal Plan Working Group. 2021-08-23 Senate Journal Page 1358 The Alaska Permanent Fund Corporation closed its fiscal year June 30 at an all-time high of $81.1 billion following a 29.7 percent annual return, a record strong performance. The earnings reserve account alone totaled $21.0 billion at year end. With its strong performance and exceptional management team, the Permanent Fund is critical to Alaska’s long-term fiscal stability and near-term recover from the devastating impacts of the COVID-19 pandemic. This bill includes two appropriations critical to helping the legislature finalize a structured fiscal solution for our state and to providing Alaskans with an equitable distribution of the state’s resource wealth. The first item is a $1.53 billion appropriation for the payment of the 2021 Permanent Fund Dividend. This appropriation is 50 percent of the FY22 percent of market value draw from the Permanent Fund and would provide a dividend estimated to be $2,350 per eligible Alaskan. The second item is a one-time $1.47 billion transfer from the earnings reserve account to the budget reserve fund which leverages a small portion of the Permanent Fund’s recent earnings windfall to provide bridge funding while all the components of a comprehensive fiscal solution are fully implemented. The third appropriation item in this bill funds the Alaska Performance Scholarship Award, Alaska Education Grant, and WWAMI Medical Education programs. Each of these programs are a strong investment in young Alaskans and critical for the healthy future of our state. I recognize there may be other appropriation items the Legislature will want to address as we work collaboratively to finalize the fiscal year 2022 budget during the special session. Sincerely, /s/ Mike Dunleavy Governor