04/17/2023 09:00 AM Senate FINANCE

SENATE BILL NO. 98                                                                                                            
                                                                                                                                
     "An Act relating to the power cost equalization                                                                            
     endowment fund; and relating to the Alaska Permanent                                                                       
     Fund Corporation."                                                                                                         
                                                                                                                                
9:19:05 AM                                                                                                                    
                                                                                                                                
Co-Chair  Hoffman MOVED  to ADOPT  the committee  substitute                                                                    
for SB 98, Work Draft 33-LS0493\D (Marx, 4/11/23).                                                                              
                                                                                                                                
Co-Chair Olson OBJECTED for discussion.                                                                                         
                                                                                                                                
TIM GRUSSENDORF, STAFF, SENATOR  LYMAN HOFFMAN explained the                                                                    
CS. He  stated that the  majority of the changes  within the                                                                    
CS  were   clarification  issues,  and  were   all  done  in                                                                    
cooperation with  the Alaska Permanent Fund  Corporation and                                                                    
Legislative Legal.                                                                                                              
                                                                                                                                
Co-Chair  Olson  wondered how  much  resistance  was in  the                                                                    
Permanent Fund Corporation.                                                                                                     
                                                                                                                                
Mr.  Grussendorf   stated  that   he  had   not  encountered                                                                    
resistance   from  the   Permanent  Fund   Corporation,  but                                                                    
deferred to Mr. Mitchell.                                                                                                       
                                                                                                                                
9:22:11 AM                                                                                                                    
                                                                                                                                
DEVEN  MITCHELL, EXECUTIVE  DIRECTOR, ALASKA  PERMANENT FUND                                                                    
CORPORATION,  stated that  there was  not concern  about the                                                                    
additional assets in the Permanent Fund.                                                                                        
                                                                                                                                
Co-Chair Olson surmised that there was optimism.                                                                                
                                                                                                                                
Mr.  Mitchell  replied  that there  was  a  different  asset                                                                    
allocation, and there  were pros and cons to  that. He noted                                                                    
that  the FY  22 performance  showed that  there would  have                                                                    
been a different outcome had  the money resided in the asset                                                                    
allocation of the Alaska Permanent Fund.                                                                                        
                                                                                                                                
Co-Chair  Olson  WITHDREW  the  OBJECTION.  There  being  NO                                                                    
OBJECTION, it was so ordered.                                                                                                   
                                                                                                                                
Co-Chair  Hoffman  MOVED  to  REPORT  CSSB  98(FIN)  out  of                                                                    
committee  with  individual   recommendations  and  attached                                                                    
fiscal notes. There being NO OBJECTION, it was so ordered.                                                                      
                                                                                                                                
CSSB 98  was REPORTED out  of committee with four  "do pass"                                                                    
recommendations,  two   no recommendation   recommendations,                                                                    
and three  new fiscal  notes: FN 1(REV),  FN 2(REV),  and FN                                                                    
3(REV).                                                                                                                         
                                                                                                                                
9:24:21 AM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
9:27:53 AM                                                                                                                    
RECONVENED