HJR 18 would prevent overspending Permanent Fund

House Joint Resolution 18, introduced on April 25 by Rep. Jonathan Kreiss-Tomkins, D-Sitka, would limit draws from the Alaska Permanent Fund to no more than 5 percent of the fund’s market value as calculated over the first five of the preceding six fiscal years.

The resolution would also consolidate the Permanent Fund into a single account.

Kreiss-Tomkins said he can think of no issue more important than protecting the $64 billion Permanent Fund for future generations of Alaskans.

That approach would provide the Alaska Permanent Fund Corp. certainty in managing assets, allowing the corporation to earn a greater return on its investments and benefit all Alaskans, according to the sponsor.

Co-sponsors include Representatives Zack Fields, D-Anchorage; Jennifer Johnston, R-Anchorage; Andy Josephson, D-Anchorage; Bart LeBon, R-Fairbanks; John Lincoln, D-Kotzebue; Dan Ortiz, I-Ketchikan; Ivy Spohnholz, D-Anchorage; Andi Story, D-Juneau; Tammie Wilson, R-North Pole, and Adam Woo, D-Fairbanks.

Since HJR 18 proposes an amendment to the Alaska Constitution, two-thirds of the House and Senate would have to approve the resolution and then the resolution would be placed on the next statewide general election ballot for consideration by voters.

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The proposals has been referred to the State Affairs, Judiciary and Finance committees.

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