But I digress. This year's payout for being an Alaskan is $845.76. Every man, woman and child gets a check for this amount. That's actually the lowest payout since 1989. Boo hoo. ak-dividend.jpg
Why do they get this? Alaska has been socking away its oil wealth for 25 years, in something called the Permanent Fund. A division of the state Department of Revenue administers this kitty, investing the dough mostly in stocks and bonds much as a pension fund would.
The actual amount of the payout depends upon how well the fund does in the markets. It is calculated using a five-year average, which is why, given the stock market's mediocre performance of late, dividends have been declining. In 2000, in the wake of the stock market bubble, everyone got a record $1,963.86.
Debates over whether or not to spend some of this stash are becoming an annual rite in Juneau. After all, the fund is now worth over $31 billion. Touching the fund, though, has become a sort of Third Rail of Alaskan politics. A floundering effort to recall state Senate President Ben Stevens is at least partially rooted in Stevens' proposal to tap the fund to pay for more than $300 million worth of school maintenance and construction projects.
MORE: Alaska dividend payout to be $845.76 (Anchorage Daily News)
BONUS: Alaska Men 2006 calendar
