03/12/1998 01:50 PM House FIN

SENATE BILL NO. 220                                                            
                                                                               
"An Act making a supplemental appropriation to the                             
Alaska Permanent Fund Corporation; and providing for                           
an effective date."                                                            
                                                                               
JIM KELLY, DIRECTOR OF COMMUNICATIONS, ALASKA PERMANENT                        
FUND CORPORATION, spoke to the letter in the Committee                         
packet from the Permanent Fund Corporation (PFC) dated                         
2/27/98.  [Copy on File].  The letter addresses the savings                    
realized by combining custody services into one provider.                      
He projected that this year, PFC will save approximately                       
$950 thousand dollars.  Currently, the fund value is $24                       
billion dollars.  He pointed out that the fund could earn                      
$2.2 billion dollars this year, noting that this is an                         
amazing growth and that the Legislature should not expect                      
it every year.                                                                 
                                                                               
PETER BUSHRE, CHIEF FINANCIAL OFFICIER, ALASKA PERMANENT                       
FUND CORPORATION, added that the fund has added $500                           
million dollars this month due to market appreciation.                         
                                                                               
Representative Foster MOVED to report CSSB 220(FIN)(title                      
am) out of Committee with individual recommendations.                          
There being NO OBJECTION, it was so ordered.                                   
                                                                               
CSSB 220(FIN)(title am) was reported out of Committee with                     
a "do pass" recommendation.