September 20, 2007
"With today's announcement, I salute Jay Hammond and other pioneers who had the foresight to save a portion of our non-renewable resources for Alaska's future. We are also very proud of the trustees, whose exceptional skills in managing the Fund have helped produce the dividends that benefit all Alaskans," said Palin.
Department of Revenue Commissioner Patrick Galvin said the dividend will be distributed to an estimated 604,149 Alaskans. "Alaskans of every age in 248 communities benefit from the Permanent Fund Dividend."
This is the 26th dividend that has been paid to Alaskans from the earnings of the Alaska Permanent Fund. The annual dividend amount is calculated on the averaged earnings of the Permanent Fund over the previous five years. Factors taken into consideration to determine the Fund's average earnings include interest on bonds, stock dividend income and the profits from management of stocks and other investments such as real estate.
"The Alaska Permanent Fund Corporation has managed Alaska's resource-based wealth with a consistently successful investment strategy," Commissioner Galvin said. "And the Department of Revenue's Permanent Fund Dividend Division has an essential role in providing a timely, efficient and secure process for handling dividend applications and distributing dividend payments."
The PFD Division received 420,596 online applications for 2007, over two-thirds of the total 632,000 applications expected to be processed for the year. Qualified dividend applicants who filed on line by January 31 and selected direct deposit will receive this year's dividend payment by direct deposit on October 3. All other eligible applicants who selected direct deposit will receive this year's dividend payment on October 17. The Permanent Fund Dividend Division will begin mailing checks to all other eligible applicants on November 13, with those checks expected to arrive within two weeks.
More than $15.2 billion has been distributed to eligible Alaskans since the dividend program began in 1982. The first dividend was $1000, covering three years. The highest dividend was $1,963.86 in 2000, and the lowest dividend was $331.29 in 1984. Individual Alaskans who have collected all 26 dividends have received a total of $27,536.41.
The total market value of the Permanent Fund on June 30, 2007, the end of the fiscal year was $37.8 billion, an increase of $4.9 billion over the 2006 closing balance of $32.9 billion. The un-audited fund balance as of September 18, 2007 is $38.7 billion.
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