ANCHORAGE, Alaska (AP) — Despite a large transfer of funds to the state treasury, the Alaska Permanent Fund has grown by $1.4 billion.
The Anchorage Daily News reported the fund earned enough from investments to grow by 2% in the fiscal year that ended June 30.
The Permanent Fund Corporation's board of trustees says the fund stood at $66.3 billion, up from $64.9 billion on the same date in 2018.
Officials said $2.7 billion was transferred and divided into two parts: $1 billion on last year's $1,600 dividend for residents and $1.7 billion to pay for state services.
The newspaper reports that under a system the Alaska Legislature approved in 2018, the permanent fund is now more important to the budget than the oil industry and all other taxes combined.