Direct-Deposit Payments to be Sent to Accounts on Oct. 8
September 25, 2003
The 2003 Alaska Permanent Fund dividend will be $1,107.56. An estimated 598,813 Alaskans will receive this year's dividend, an increase from the 589,300 who received the 2002 dividend. This year's disbursement will total $663.2 million.
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 the profits from management of stocks and other investments. The Permanent Fund's most profitable years were driven by the nation's strong financial markets in 1998 and 1999.
The Permanent Fund total market value as of the end of Fiscal Year 2003, on June 30, 2002, was $24.2 billion. This is $700 million more than the Permanent Fund's total market value at the end of Fiscal Year 2002, $23.5 billion.
The 2003 dividend will arrive in accounts on Oct. 8 for those 437,000 Alaskans who requested direct deposits. The Permanent Fund Division expects to begin mailing checks on Oct. 16 to Alaskans who did not request direct deposit of their dividend. The Division expects that the mailing process will take two weeks.
There are 19,500 applications still under review, which should be done by year's end.
This year's dividend is the twenty-second dividend paid to Alaskans. The total amount of all 22 dividends is $23,009.85 per person. After paying the 2003 dividend, the total amount of dividends disbursed to Alaskans since inception of the dividend program in 1982 will total about $12.6 billion -- about $19,845 per person, if divided equally among the state's total estimated population of 634,892, according to the 2002 U.S. Census.
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