Bill > SJR14

This resolution proposes significant constitutional amendments to the Alaska Permanent Fund, a state-managed investment fund primarily funded by oil and mineral revenues. The proposed changes would require that at least 25% of mineral lease revenues be placed in the permanent fund and invested according to specific legal guidelines. A key provision allows the legislature to annually appropriate up to 5% of the fund's average market value from the preceding six fiscal years to the general fund, providing a structured mechanism for using permanent fund earnings to support state government operations. Additionally, the legislature can appropriate funds to cover investment management costs. The resolution includes a transition plan, stipulating that by June 30, 2027, the unencumbered balance of the earnings reserve account will be deposited into the permanent fund's principal. The amendments would take effect for fiscal years beginning June 30, 2028, and the proposed changes will be submitted to voters at the next general election for approval, in accordance with the state constitution's requirements for constitutional amendments.

Budget and Finance

Finance (S)

https://www.akleg.gov/basis/Bill/Detail/34?Root=SJR14