2026-01-23                     Senate Journal                      Page 1516
SJR 23                                                                                                                        
SENATE JOINT RESOLUTION NO. 23 BY THE SENATE RULES                                                                              
COMMITTEE BY REQUEST OF THE GOVERNOR,                                                                                           
                                                                                                                                
          Proposing amendments to the Constitution of the                                                                       
          State of Alaska relating to the Alaska permanent                                                                      
          fund; relating to appropriations from the Alaska                                                                      
          permanent fund; relating to transfers out of the                                                                      
          Alaska permanent fund; and requiring payment of a                                                                     
          dividend to eligible state residents.                                                                                 
                                                                                                                                
was read the first time and referred to the Finance Committee.                                                                  
                                                                                                                                
The following fiscal information was published today:                                                                           
 Fiscal Note No. 1, zero, Office of the Governor                                                                                
                                                                                                                                
Governor's transmittal letter dated January 22:                                                                                 
                                                                                                                                
Dear President Stevens:                                                                                                         
                                                                                                                                
Under the authority of Article III, Section 18 of the Alaska                                                                    
Constitution, I am transmitting a proposed amendment to the                                                                     
Constitution of the State of Alaska relating to the Alaska permanent                                                            
fund. This constitutional amendment is designed to provide long-term                                                            
fiscal certainty, extend constitutional protections to Permanent Fund                                                           
earnings and establish durable rules for withdrawals, and place the                                                             
Permanent Fund Dividend beyond annual political cycles.                                                                         
                                                                                                                                
This amendment makes three reforms. First, it ends the current two-                                                             
account structure by merging the earnings reserve account into the                                                              
permanent fund corpus. Second, it establishes a limit on withdrawals                                                            
by capping the annual draw at five percent of the fund’s average                                                                
market value using the existing five-year formula. Third, it requires                                                           
the annual draw to be split equally: half is guaranteed to eligible                                                             
Alaskans as dividends – without political games or further                                                                      
appropriation – and half is available to fund essential operations of                                                           
government.                                                                                                                     

2026-01-23                     Senate Journal                      Page 1517
Alaskans deserve a Permanent Fund that is protected, predictable, and                                                           
fair. This constitutional amendment allows the people of Alaska to                                                              
decide that future directly.                                                                                                    
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Mike Dunleavy                                                                                                                   
Governor