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Tuesday, December 11, 2018
HomeAlaska NewsAIDEA approves $10.28 million dividend to State general fund

AIDEA approves $10.28 million dividend to State general fund

SMALLEST RETURN IN YEARS

The Alaska Industrial Development and Export Authority Board at its meeting on Nov. 28 approved a dividend of $10.285 million to the state’s general fund for Fiscal Year 2020.

“We are very happy to announce this dividend to the State of Alaska, especially since it puts us over $400 million,” said AIDEA Board Chairman Dana Pruhs. “Our dividend is another great example of AIDEA’s strong contribution to Alaska’s economy.”

Since the dividend program’s inception, AIDEA has indeed awarded more than $400 million to the State. But the amount has been dropping year after year.

For Fiscal Year 2016, AIDEA awarded $12.88 million dividend to the State. In 2014, the dividend was $20.7 million, in 2013, it was $20.4 million.

The Alaska Industrial Development and Export Authority is a public corporation owned by the State, whose mission is to promote, develop, and advance the prosperity and economic welfare of the people of Alaska. AIDEA is self-funded, using its own earned income to fund loans and investments in economic development, in addition to its operation and capital expenses and annual dividend to the State.

The agency was created by the Alaska State Legislature in 1967 as a statewide entity facilitating economic growth and diversification, and to create and retain jobs for Alaskans.

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Suzanne Downing had careers in business and journalism before serving as the Director of Faith and Community-based Initiatives for Florida Gov. Jeb Bush and returning to Alaska to serve as speechwriter for Gov. Sean Parnell. Born on the Oregon coast, she moved to Alaska in 1969.

Latest comments

  • And we should praise Dana Pruhs…. NOT

  • And that would be a return on investment of ____?

  • Should this money go into the Budget Reserve Account set up in Alaska’s Constitution?

  • Would you please tell the reader how many dollars were provided to AIDEA by the State over the years and also how many loans are outstanding and are they all current and at what rate of interest.

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