September 21, 2004
Tuesday

Alaska Department of Revenue Commissioner Bill Corbus announced the amount of the 2004 dividend at the annual meeting dinner of the Alaska Permanent Fund Corporation in Fairbanks Monday evening.

23 years of dividends 2004 $919.84 2003 $1107.56 2002 $1540.76 2001 $1850.28 2000 $1963.86 1999 $1769.84 1998 $1540.88 1997 $1296.54 1996 $1130.68 1995 $990.30 1994 $983.90 1993 $949.46 1992 $915.84 1991 $931.34 1990 $952.63 1989 $873.16 1988 $826.93 1987 $708.19 1986 $556.26 1985 $404.00 1984 $331.29 1983 $386.15 1982 $1000.00

"The 2004 dividend will be $919.84 and will go out to an estimated 600,760 Alaskans," Corbus said. The commissioner went on to outline the benefits of the Permanent Fund dividend to individual Alaskans and to Alaska's economy. "Alaskans of all ages in 232
communities benefit from the Permanent Fund dividend, the result of extraordinarily sound public policy."

This is the 23rd dividend the Permanent Fund Dividend Division has paid to Alaskans from the earnings of the Alaska Permanent Fund. The dividend amount each year is based upon the Permanent Fund's average earnings over the past five years, including interest on bonds, stock dividend income and profits from management of stocks and other investments. This year, the bullish returns from 1999 dropped off and were replaced with sluggish earnings in 2004 causing dividend amounts to drop.

"The Alaska Permanent Fund Corporation has successfully invested a large portion of Alaska's oil wealth for the benefit of all Alaskans," said Corbus. "The Permanent Fund Dividend Division also plays an important role every year, ensuring all eligible Alaskans receive their yearly dividends through an efficient, secure and effective application process."

About 444,000 Alaskans who requested direct deposit will receive their payment on October 13th. The Permanent Fund Dividend Division will begin mailing checks to all others on October 20th. Checks are expected to arrive in the mail within two weeks.

Since inception of the program in 1982, the state's Permanent Fund has paid out $13.1 billion to eligible Alaskans. The first dividend was $1,000. Individual Alaskans receiving all 23 dividends have collected a total of $23,929.69.

The total market value for the Permanent Fund at the end of fiscal year 2004, June 30, 2004, was $27.4 billion. This is $3.2 billion higher than the fiscal 2003 ending balance.

Source of News:

Alaska Permanent Fund Corporation
Web Site

Alaska Permanent Fund Dividend Division
Web Site

 

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