Alaska Permanent Fund improves after money-losing year but withdrawals still exceed earnings

The offices of the Alaska Permanent Fund Corp. are seen Monday, June 6, 2022 in Juneau, Alaska.

Since 2018, an annual transfer from the Permanent Fund to the state treasury has been Alaska’s largest source of general-purpose revenue, paying for both dividends and services across the state. In part because withdrawals have exceeded earnings for four of the past five years, the spendable portion of the Permanent Fund is dwindling and The Permanent Fund Corp. is expected to discuss an analysis of the issue at its annual meeting. The release of that analysis has been forecast for December.

Callan, the independent firm contracted to provide third-party analysis of the Permanent Fund’s performance, noted that the S&P’s value is now more concentrated than at any point since the 1970s. If approved, that office would be the APFC’s first satellite facility away from its Juneau headquarters. Over the summer, members of the board of trustees approved the creation of temporary office space in the state-owned Cordova Street building that houses Department of Environmental Conservation offices.

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Alaska Permanent Fund improves after money-losing year but withdrawals still exceed earningsThe corporation’s earnings need to average 5% plus the rate of inflation to be sustainable; over the past five years, the corporation hasn’t done that.
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