The Alaska Industrial Development and Export Authority’s Board of Directors approved a dividend of $11 million from AIDEA for the State of Alaska Unrestricted General Fund for Fiscal Year 2025.
Under statute, the dividends are to be not less than 25% and no more than 50% of the agency’s current fiscal year calculated statutory net income. The board of directors chose to declare a dividend amount of 42% of statutory net income to the State of Alaska.
“Financial returns from AIDEA’s investments go to two places—back into AIDEA’s pool of funds to be reinvested for job creation and as dividends issued to the State of Alaska’s Unrestricted General Fund. This dividend announcement brings AIDEA’s total dividends to more than $468 million since the public corporation issued its first dividend in 1997,” said AIDEA Board Chairman, Dana Pruhs.
AIDEA is an independently governed, public corporation of the State of Alaska whose mission is to promote economic development and jobs throughout Alaska. AIDEA fulfills this mission by making investments and offering financing tools to communities and businesses.
“AIDEA is financially self-sustaining and the dividend we pay out annually goes into the State’s Unrestricted General Fund for the State of Alaska to use. AIDEA is a successful entity of the State of Alaska as evidenced by the $11 million dividend declared today,” said AIDEA Executive Director, Randy Ruaro.
The dividend varies year to year. Last year’s AIDEA contribution to the state budget was $17 million. It was $14.5 million in 2021.
Doesn’t matter. The legislature will take it anyway.
I read all that twice….so, who gets the money, and where will it go, and who will intercept it for some bs cause.
More money for the broke state.
We really need to cut the state budget by 50% as we are not getting our moneys worth from these liberal politicians and public unions who just want more every time they turn around. The state wastes so much money on everything they touch.
We need a government reset with some new laws concerning money and government.
That is a BS story. The money came from the state, the AIDEA has been a net negative drain on the money that the state delegates to them since it was first instituted. Another one is the AGDC, which continues to fund the lifestyles of people that do nothing.
Robert there is nothing true about your comments. Red dog mine is a huge success. It would not be without AIDEA. It employs 500 people directly and indirectly. You better see where their money is going before you shoot your mouth off. $11 million is s nice chunk of change into the general fund. It’s certainly better than a negative number isn’t it.??
Might not want to break out the Champagne over news AIDEA provided a “dividend” of $11M to the State treasury.
AIDEA’s portfolio is supposedly pegged at around $1.6 Billion.
The dividend of $11M based on the funds sunk into AIDEA amounts to a 0.07% return, which is only slightly better than interest earned on the cheesiest pass book savings accounts.
The $11M dividend is a heck of deal for someone, if not the citizens of Alaksa.
Oh well …………………… it’s just public funds that are diverted to some special interest. Why we put up with this nonsense is anyone’s guess anymore. I suppose we get what we deserve in this little norther experiment with self-government.
So, the State provided seed money to start AIDEA & somehow the fact that AIDEA is paying it back to the State is news? The only jobs being created seem to be in AIDEA itself! A less complicated mechanism for job creation would be to leave that money in the Capital Budget and let it filter into general population.
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