Oil royalty fund hits $40 billion
The Alaska Permanent Fund has topped $40 billion in value for the first time, state officials said. Less than three years ago, the state’s oil-wealth savings account was valued at $30 billion.
“I thank the trustees for their exceptional management of the fund,” said Gov. Sarah Palin.
The royalty fund disburses annual dividend checks to state residents. Fund money is invested in stocks, bonds, real estate and other instruments. This year’s dividend is expected to be more than $1,500, up almost $500 from last year’s.
The dividend amount is based on an average of the last five years of Permanent Fund profits. The largest amount ever paid was $1,964 in 2000.
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