Alaska Permanent Fund dividends to be distributed early
Originally published Monday, August 18, 2008 at 4:51 p.m.
Updated Monday, August 18, 2008 at 6:51 p.m.
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Stumble It!JUNEAU -- Not only will Alaska's Permanent Fund Dividend checks be more valuable than ever, they'll also go out earlier than they ever have, the governor's office said Monday.
Residents could see their checks - fattened by a one-time payment to offset energy costs - as soon as next month, though a date for the first deposit has not been established. The first checks were to go out Oct. 2.
Nearly every man, woman and child received $1,654 each in last year's distribution. This year's payout is expected to be higher, but it hasn't been calculated yet.
But added to this year's check will be an extra $1,200 from the state's oil-rich treasury to help offset high energy prices, a factor driving the early distribution.
Gov. Sarah Palin wants the state's residents to have their checks as early as possible with the first winterlike temperatures and snowfall just a month away in some areas.
"The idea is to get energy relief money as well as the Permanent Fund Dividend before winter hits, so people have their money to offset the astronomical costs we are seeing for energy," said Palin's spokesman Bill McAllister.
Two weeks ago, the Alaska Legislature passed an energy relief package that includes the payout, the suspension of a motor fuel tax and a temporary rewrite of a formula for subsidizing electricity in rural areas.
Residents in many of the state's villages are paying seven to 10 times the national averages for electricity.
Some villages are paying almost three times the national average for a gallon of unleaded gasoline, currently at $3.74 a gallon according to the Energy Department. The state's largest city also isn't exempt. Last week, Anchorage had the highest gas prices in the nation, $4.37 a gallon, among the 7,000 gas stations surveyed, according to a Lundberg Survey.
Despite the cost disparity, consensus among lawmakers for help was not easily achieved. The energy relief bill generated tremendous debate before being passed with about two hours left in the special legislative session. Some lawmakers worried that this would be seen by some residents as an entitlement, one the state may not be able to afford ever again if oil prices drop.
The bill is en route to the governor's office for her signature.
The first round of dividend checks typically go to those who applied online in January and requested payment to be directly deposited into their accounts.
Those filing for the dividend in February or March and requesting direct deposit would normally be in the second round of payments. Those requesting paper checks would be paid in the final round.
It wasn't immediately known if the early payout would alter that traditional schedule.
The state established the Alaska Permanent Fund in 1976 after North Slope oil was discovered. Dividends have been paid since 1982, ranging from $331 to a record high of $1,963 in 2000.
Dividend totals are not directly tied to the fund's total value or robust oil prices. Oil prices, which were nearly $113 a barrel Monday, can boost the fund's principal, but the money must be invested. Payouts then get calculated on a five-year average of investment income.
The fund's stock investments include high-profile companies such as Pepsico Inc., Microsoft Corp. and Apple Inc., along with North Slope oil producers Exxon Mobil Corp., ConocoPhillips and BP PLC.
More than $15.2 billion has been distributed to eligible residents since the dividend program began.
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On the Net:
Alaska Permanent Fund Dividend: http://www.pfd.state.ak.us/
Community Discussion
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Jackpot!
THANK YOU, GOVERNOR!!!
Thank You!
Sounds good to me! and this way those leaving won't have to worry about the snow. Gonna be interesting to see how much people ACTUALLY leave like they say.
Based on the way the price of oil is falling, may be wiser to wait to buy your heating oil. If they leave, the school official count in October should be interesting. Bring on the PFD sales.
i've already noticed an upswing in buying in the store i work in. even though they don't have the money in hand yet.
Correlation does not equal causation.
Anchorage has the highest gas in the nation at $4.37 a gallon?
I saw $4.59 last night in Fairbanks.
Alaskaflower, the only Alaska city the Lundberg Survey examines is Anchorage, according to their survey map: http://www.lundbergsurvey.com/RetailSurv... , so it is a little misleading. I'm not a big personal fan of the Lundberg Survey for precisely that reason -- it's not a good measurement for Alaska.
Waiting to buy heating oil is somewhat of a gamble. I pick up my own and don't use autofill. So I waited it out all summer long. Needed to pick a little bit the other day to last a little longer, it was $4.299/gal at the bulk plant with the 50 gal or more discount. Today a buddy borrowed my tank to put some in his as he is leaving the state this weekend and the house is being sold, he paid $3.999/gal at the 50 gal or more discount. So it is paying off a little, but things can change quickly.
There will be 1 direct deposit date and that is September 12th
I received a delivery of fuel oil today for my home and the price was $3.93 per gallon.
I also received an autofill delivery today, and paid $3.93 a gallon. I had asked them for a delivery last month and it never came. I told them I didn't want to wait until September. I wanted to split it up so I wouldn't have a huge bill all at once. I'm glad they waited. They saved me about .30 a gallon, plus the tax I would have paid if they had delivered before the North Pole tax was suspended. It turns out I hadn't used near as much as I had feared anyway. My last fill was in April, and I had only used 116 gallons. Still, that's $455. It'll be twice that much every month once it turns cold. I appreciate the $1200, but we need a long term fix to bring prices down.
Contender
Which fuel company?
hckywtchr:
Keep in mind when shopping for where to get heating oil there are a few things to consider. ONe Delivery Charge?, some do. Also what payment plan you are on. Some will put you on a 1000gal payment plan which can drop the price. My prices I quote I get it at are me picking it up myself.
But with the PFD's and this rebate coming early I might just call up someone and set up for them to fill my tank.
I guess when they garnish my dividend this time they will be taking that $1200 worth of fuel relief too? I surely could use it, but hey... easy come easy go! Maybe the State Government can put my share to better use anyway...like liar fees to fight the evil GVEA MONSTER that is supposed to be us (member owned?) Boy! good thing AYE wasn't counting on it (been busting down trees and hauling em in all year..oww), but I am sincerely happy for the good it will do so many people caught up in this manmade disaster! For all of you who are doing well and will be taking those bonus checks for you and the kids down to the snowmachine store of your choice, enjoy the ride! You obviously have something going for you that I missed out on along the way. *Note for the language purists* AYE is my way of emphasizing I since it is capitalized anyway :) This is my first post on a forum....don't rip too hard
So for those of us that aren’t qualified for the rebate, is our wonderful state doing anything about the prices GVEA is charging? I just got my newest bill, as I’ve picked my teeth up off the floor I’m left to wonder how much worse it’s going to get before we get some relief. The charges just to have service and fuel charges are more than my actual usage, so no matter how much we try and conserve the higher the associated costs get.
I just wish I understood why the rebate isn’t for everyone (or max per household, still confused why minor children should get an energy rebate, when most aren’t paying their own bills)in the state other than the obvious, of lots of paperwork, which by the way is not cool considering that I’ve been contributing to the state for 18 months, and no one has a problem telling me how much time I have to license my car as an "Alaskan resident", the very people that also say that I’m not a resident. But then why beat a dead dog, but I am a voter, and I don’t think I’m alone with my feelings. Sort of convenient that all the rebate money not only got passed but is also now going out early-before elections. Seems to me that it was the easiest way out- and kept the most people happy -even if not truly helping the state as a whole.
I agree that there are a lot of people that don't get a dividend for various unfair reasons and to deny those same people the energy rebate is extremely unfair.
Dreamingfool
I am not sure what you mean 'when most aren't paying their own bills' everyone I know pays their own bills and that includes the folks I know that live in villages. I am aware of a few people that receive some kind of fuel help but doesn't amount to much.
Amanda L - how do you know that the direct deposit date will be Sept 12?
I'm curious to know that myself, gopking. Everything the state's put out so far still has the Oct. 2 date for early birds.
akusa,
I was refering to the minor children- Kids under 18 most of them are living with mom and dad, not having to worry about it to much. In MY opinion, it makes sense to help the people that are responsible for the household, the adults. Give the minors the PFD... but the rebate? Seems silly to me... but thats just my opinion.
I was also wondering about Amanda L's comment.
Dreaming fool-Kids use energy, heating fuel, etc. too.
If it is a resource rebate, as currently advertised, then it makes sense that every resident receive it. Actually, I figure my son is the most deserving member of our family to receive it, as he is the only member of the family born in Alaska.
When my husband was at the bank the other day, the worker told him that she saw that we had a lot of PFD checks coming in on September 12. She said that she and other bank workers couldn't believe the early date so they called to confirm it and it was confirmed.
Juneau & ADN also posted the article with ADN stating they confirmed with the governor's office, but no date.
Per APFC, funds ($1.3 B) were transferred in July and the Board has the Aug 29 meeting as well as the September 22.
Gov. Palin still has to sign the bill so the Resource Rebate can be transferred to the account.
As they say on MythBusters, this sounds plausible.
so is it really going to be on the 12th of next month or is that just a rumor that is going around the banks. It would be nice get back from moose hunting on the 15th and have a nice check in the back to pay for all the fuel i used to bag a moose. Thanks for helping me hunt palin
Instead of trying to 'bag a moose' use the money that you might spend on fuel for your boat, ATV and truck-to buy a lot of meat at Fred Meyers
HAHAHA you know how much it would cost for me to go to fred meyers and say what does the cost of a whole cow cost because i want to buy one already cut up. No wait i want it to be the size of a moose so can i get 280 pounds of burger 150 pounds of breakfast sausage 200 pounds of steaks and about 150 pounds of rost. Lets say all that was just $1.50/lb would be $1170.00 for that. Now I can get take a moose trip with everything added up for. 40 gallons of gas at 4.57/gal is 182.80 and doing all the work myself for free 0 cents a pound. Food while hunting $150.00 so i can bag a moose that will last me atleast 2 years for $332.80. Oh wait i forgot the wraps and stuff i need to buy so add on another $150. so the new total would be $482.80.
The best thing about moose hunting is when you bag the moose you have the joy of feeding your family healthy meat and the thrill of the hunt is "PRICELESS" I have shot 15 moose in 16 years now the one year i missed i was in school and that was when i was 11.
About time they do something for us up here.
I'm glad all of you are looking forward to your WELFARE checks. Yes, I said welfare checks because that's what this energy relief package is. Why don't our wonderful represenatives down in Juneau stop the price gouging that's going on with the oil companies and our GVEA? That's the fairest way of dealing with this energy crisis and the most helpful for everyone in the long run. I guess too many of them have the oil companies and GVEA in their back pockets!
Red if you dont want your check i will be more then happy to take it from you.
Red it appears you do not realize that not everyone in the State gets GVEA or has oil delivered by companies. Fair and equal distribution applies to the entire State, not just Fairbanks. There is nothing special about being a resident of Fairbanks verses a resident of Dutch Harbor, Unakaleet, Kate, Barrow, Juneau, etc.. People who meet the requirements received the same thing no matter where you live in Alaska or what type of energy you serve. How could you get any fairer.
akhunter,
Don't forget your rifle, etc., but it's still cheaper to hunt Moose in the long haul. Bulk meat (300lbs.+) is still $2.95/lb (and going up) at Delta Meat & Sausage (which is cheaper than Fred Meyer's by far when ya count steaks, etc. Plus you don't have to worry about beef recalls.) However, you get more Moose when hunting, and pay far less for it per year.
Hunting is a much more affordable way to live than not.
Come on everyone - grin and bear it - :) if it makes you happy; :( if it makes you mad. Either way, it's a done deal....
It is OUR MONEY, NOT WELFARE!! People, please read the Constitution of the Great State of Alaska. It is perfectly clear about resources and the people that ARE the State of Alaska. It never ceases to amaze me how people are thinking this is welfare and a handout. That could not be further from the case.
oh yeah and all the rain and cold gear to. The thing is that all pays for itself after 1 moose. I have had the same rifle for all 16 years. My rifle costed 125 from 2 dice pawn when guns were cheap there. The nice thing is i have a hunting partner so everything is split down the middle so its even cheaper. I am glad we are getting this check and getting it early it is going to help alot of famlies out that really need it. If you think you are to good for the money give it to a charity or something.
Those who don't want the $1200 rebate or PFD for whatever reason(s), I know many who could use it and yes, it includes some who didn't qualify....:) Be a good neighbor and help them out. :)
Wow its funny how some people can find anything to whine about! This is a good thing can't you find something to smile about, if not give you money to someone who can use it. I bet you just spend it on something pointless like cheap beer!
Good points from AkSunshine & others.
Red, there are many local charities that could really benefit from the $1200 that you don't want. The Food Bank could desperately use it to stock up for winter!
Have a good & safe hunt AkHunter
Gildy, generally hunting here MEANS hunting for meat. Lean, free-range, organic, sustainable resource meat at that!
PRAISE GOD THANK YOU GOVERNOR PALIN
For all you ungrateful people: GET LOST! GIVE IT AWAY! Whatever floats your boat. There are many people in this state that NEED that money. Just because you rich snooties don't think it's "enough" doesn't mean the rest of us can't dance and rejoice.
Good grief people, isn't anyone happy anymore? I am very blessed to be a resident of Alaska, and I look forward to be able to pay bills and buy food for my children with our state dividends. I work full time, but still can't seem to make ends meet. So God Bless our Governor for helping out I sure could use it now with school shopping. So for those of you who want to complain about everything under the sun, we Alaskan would gladly show you the way to the border.
"Gildy, generally hunting here MEANS hunting for meat. Lean, free-range, organic, sustainable resource meat at that!"
Yes, unless of course, you're a supporter of Ballot Measure 2!
Have you ever noticed when that your appliances or cars know when you're going to get your permanent fund. My furnace, hot water heater, and pump all went out.
Thank you Governor!
Sorry Alaskastoryteller! My laptop hard drive died last week. Am very happy that I sprung for the extended warranty!
AmandaL, who is your informant? LOL.
http://www.pfd.state.ak.us/ C'mon you guys, you know where to look.
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