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Old 09-07-2007, 01:21 PM
 
Location: Juneau, AK
2,628 posts, read 6,888,143 times
Reputation: 660

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Good question, Calico! I'm a distance ed marine bio student at University of Alaska SE, taking a year to try and see at least some interesting things before I get bound up in the realities of grown up life. So, I'm spending this year down south (using Kootenai as my home base because I have a lot of family here), then moving back to Juneau next summer. In short, no I am currently not receiving a check, but I will when I return home.
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Old 09-07-2007, 03:19 PM
 
395 posts, read 1,717,047 times
Reputation: 124
Default Don't tell me that-Its my beer money

My gosh!! You just ruin my day. I was going to retire on that extra income.

That was to be part of my 401-k.

INVESTING FOR YOUR RETIREMENT:
>
>>
>> If you had purchased $1000.00 of Nortel stock one year ago, it would
now
>> be
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>> Worth
>>
>>
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>> $49.00.
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>> -O-O-O-O-O-O-O-O-O
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>> With Enron,
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>> You would have had
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>> $16.50
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>> Left of the original $1,000.00.
>>
>>
>>
>> -O-O-O-O-O-O-O-O-O-O
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>>
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>>
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>> With WorldCom,
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>> You would have had less than
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>> $5.00 left.
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>> -0-0-0-0-0-0-0-0-0-0-0-
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>> But, if you had purchased $1,000.00
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>> Worth of Beer one year ago,
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>> Drank all the beer,
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>> Then turned in the cans for the aluminum recycling REFUND,
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>> You would have had
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>> $214.00.
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>> -0-0-0-0-0-0-0-0-0-0-0
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>> Based on the above:
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>> Current investment advice is to drink beer heavily and recycle.
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>
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>> It's called the 401-Keg Plan
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>
>
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Old 09-07-2007, 03:34 PM
 
Location: Wasilla, Alaska
17,823 posts, read 23,452,578 times
Reputation: 6541
Exclamation Nice try, but not quite right...

Quote:
Originally Posted by Xa'at View Post
What it is:
-(Simply put) money from the oil industry that has been put in a fund, part of which is then divided up amongst all eligible Alaska residents.
The 25% of the "mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State" goes into the Permanent Fund, which is then invested by the state, and the dividends from that investment is then distributed equally among qualified Alaskans. The principle of the Permanent Fund continues to increase. The Permanent Fund corpus is currently just over $35 billion.

Quote:
Originally Posted by Xa'at View Post
What it may or may not be, depending on your political beliefs:
-The oil industry paying us to sell out and accept the desecration of our fair state.
-A nice way of the oil industry giving back to us, the people of a state that has been so central to their aims- mostly eliminating the dependency for foreign oil. Yay oil industry.
The Permanent Fund is neither of these things. See Article IX, Section 15 of the Alaska State Constitution:

"At least twenty-five per cent of all mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State shall be placed in a permanent fund, the principal of which shall be used only for those income-producing investments specifically designated by law as eligible for permanent fund investments. All income from the permanent fund shall be deposited in the general fund unless otherwise provided by law."

Last edited by Glitch; 09-07-2007 at 03:58 PM..
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Old 09-07-2007, 11:05 PM
 
Location: Juneau, AK
2,628 posts, read 6,888,143 times
Reputation: 660
Default What about what I said is not quite right?

Quote:
Originally Posted by Glitch View Post
The 25% of the "mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State" goes into the Permanent Fund, which is then invested by the state, and the dividends from that investment is then distributed equally among qualified Alaskans. The principle of the Permanent Fund continues to increase. The Permanent Fund corpus is currently just over $35 billion.
Yes. I said it was money from the oil industry ("mineral" industry) that is put in a fund and some of which is given to the public. Excuse me for putting it in laymans terms.

Quote:
Originally Posted by Glitch View Post
"At least twenty-five per cent of all mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments and bonuses received by the State shall be placed in a permanent fund, the principal of which shall be used only for those income-producing investments specifically designated by law as eligible for permanent fund investments. All income from the permanent fund shall be deposited in the general fund unless otherwise provided by law."
... Yeah. It was a joke.

Actually, not quite a joke. Most of Alaskans I know think of the PFD as something in between those two extremes.
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Old 09-08-2007, 08:01 AM
 
Location: Wasilla, Alaska
17,823 posts, read 23,452,578 times
Reputation: 6541
Quote:
Originally Posted by Xa'at View Post
Yes. I said it was money from the oil industry ("mineral" industry) that is put in a fund and some of which is given to the public. Excuse me for putting it in laymans terms.
None of the oil royalties the state collects is given to the public. It is the dividends from the investments made from a portion of those oil royalties that is distributed to qualified Alaskans. The oil royalties that go into the Permanment Fund stay in the Permanment Fund and it continues to grow.

Quote:
Originally Posted by Xa'at View Post
... Yeah. It was a joke.

Actually, not quite a joke. Most of Alaskans I know think of the PFD as something in between those two extremes.
I understand that you were being humorous, but what most Alaskans don't understand is that because of those oil royalties they are spared from paying more than $13,000 in state taxes for every man, women, and child in the state. If not for those oil royalties, a family of four in Alaska would be required to pay more than $50,000 in state taxes every year. Because Alaskans think of the Permanment Fund Dividend Checks as "free" money they don't understand that 653,000 people can not support a state budget of $8.7 billion.

As oil production in Alaska continues to decline, and state spending continues to increase, we are going to be in for a very nasty surprise in the not so distant future.
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Old 09-08-2007, 09:50 AM
 
6,351 posts, read 21,535,238 times
Reputation: 10009
Thanks. XA'AT!!! I have never visit the Alaska forum (I live in OH and only transiting the Achorage airport once doesn't really count as having been to AK!) but just happened to see your explaination of the PFD. I think those of us in the Lower 48 states should be able to read it as well. I know that when I've heard it discussed "down here" people have MANY misconceptions about "what it is and isn't"... Many thanks; glad I saw your post!
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Old 09-08-2007, 11:57 AM
 
Location: Juneau, AK
2,628 posts, read 6,888,143 times
Reputation: 660
Glitch, I will not get in an argument with you over minor details. I apologize that my explanation was not up to par for you, but since this thread was in fact directed toward visitors and potential new residents, not people already in Alaska, perhaps you'll understand.

Quote:
Originally Posted by Crew Chief View Post
Thanks. XA'AT!!! I have never visit the Alaska forum (I live in OH and only transiting the Achorage airport once doesn't really count as having been to AK!) but just happened to see your explaination of the PFD. I think those of us in the Lower 48 states should be able to read it as well. I know that when I've heard it discussed "down here" people have MANY misconceptions about "what it is and isn't"... Many thanks; glad I saw your post!
No problem. Next time someone tries to tell you something otherwise, direct them here!

Last edited by Xa'at; 09-08-2007 at 12:49 PM.. Reason: clarification
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Old 09-08-2007, 12:18 PM
 
Location: Wasilla, Alaska
17,823 posts, read 23,452,578 times
Reputation: 6541
Quote:
Originally Posted by Xa'at View Post
Glitch, I will not get in an argument with you over minor details. I apologize that my explanation was not up to par for you, but since this thread was in fact directed toward visitors and potential new residents, perhaps you'll understand.
Spreading more misinformation about the PFD doesn't help. I thought by pointing out your errors you, and those who read this thread, might actually learn something. I guess I was wrong.
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Old 09-08-2007, 10:04 PM
 
6,351 posts, read 21,535,238 times
Reputation: 10009
Don't you guys up there worry; we down here in Ohio know ALL about Alaska! We've heard that you all live in igloos, eat whale blubber, buy refrigerators & air conditioners from slick sales people and can hunt and fish all day since you're all RICH from that PFD money...
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Old 09-08-2007, 10:26 PM
 
Location: Fairbanks Alaska
1,677 posts, read 6,442,889 times
Reputation: 675
Default Toys...

Quote:
Originally Posted by Crew Chief View Post
Don't you guys up there worry; we down here in Ohio know ALL about Alaska! We've heard that you all live in igloos, eat whale blubber, buy refrigerators & air conditioners from slick sales people and can hunt and fish all day since you're all RICH from that PFD money...
HI Crew Chief,

I was in the Clevland area last Christmas and noticed something very stryking to me. You folks don't have any toys in your yards! Like boats, snowmachines, atvs, oh yea and the biggie airplanes! What gives with that, with the lakes near by and all? I think I saw only one or two boats, and they were in some sort of storage yard off the beaten path.
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