Editor’s note: This breaking news story will be updated later in the day).
The Alaska House of Representatives today will discuss HCR 10, to be offered by Rules Committee Chairman Chuck Kopp. If agreed to by the Senate, it would likely result in a couple of important events:
- The resolution seeks to set up a working group between the House and Senate to deliberate the issues surrounding the use of earnings of the Alaska Permanent Fund.
- The resolution calls for a special session at an unstated time, but would likely be at a time when the Legislature could conveniently also vote on overriding vetoes of the governor.
Gov. Michael Dunleavy is expected to veto at least some of the spending currently in the House and Senate budget that is working its way through the budget compromise process called conference committee.
If the resolution passes both bodies, a group of eight legislators, to include a member of the minority caucus of both bodies, would meet to discuss and provide policy recommendations on the future use of the earnings of the Permanent Fund.
Here is the language in this resolution:
HOUSE CONCURRENT RESOLUTION NO. 10 01 Relating to the earnings of the Alaska permanent fund; establishing a bicameral 02 legislative working group on the use of earnings of the Alaska permanent fund; and 03 relating to a special session for the sole purpose of deliberating the issues surrounding 04 the use of the earnings of the Alaska permanent fund. 05 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 WHEREAS the Alaska permanent fund is a sovereign wealth fund unique in the 07 United States and critically important to the citizens of the state; and 08 WHEREAS, for more than 30 years, the earnings of the Alaska permanent fund have 09 primarily been used for the disbursement of dividends to the citizens of the state and for 10 inflation proofing the principal of the fund; and 11 WHEREAS, because of the declining oil revenue of the state, and in pursuit of the 12 diversification of the state's revenue sources, a portion of the earnings of the Alaska 13 permanent fund is currently being used to fund essential public services; and 14 WHEREAS the Alaska State Legislature supports the objective of the managers of 15 the Alaska Permanent Fund Corporation to meet their fiduciary responsibility to grow the 01 Alaska permanent fund and supports a sustainable permanent fund dividend in perpetuity; and 02 WHEREAS the debate over the future use of the earnings of the Alaska permanent 03 fund and the formula for the calculation of the permanent fund dividend requires the 04 undivided attention of the Alaska State Legislature in a manner only a special session can 05 facilitate; and 06 WHEREAS that debate involves unresolved issues, including the division of an 07 annual draw on the earnings of the Alaska permanent fund, the transfer of funds from the 08 earnings reserve account in the Alaska permanent fund to the constitutionally protected 09 principal of the Alaska permanent fund, and whether the earnings of the Alaska permanent 10 fund should be contained in a separate fund; and 11 WHEREAS the Alaska State Legislature recognizes that, in finding a long-term fiscal 12 solution for the state, the resolution of issues surrounding the future use of the earnings of the 13 Alaska permanent fund is paramount; 14 BE IT RESOLVED that a bicameral legislative working group is established to 15 review the use of the earnings of the Alaska permanent fund; and be it 16 FURTHER RESOLVED that the working group will consist of four members from 17 the House of Representatives and four members from the Senate appointed by the presiding 18 officer of each house and will include minority caucus representation from each body; and be 19 it 20 FURTHER RESOLVED that the working group will meet and provide policy 21 recommendations on the future use of the earnings of the Alaska permanent fund to the 22 Alaska State Legislature during a 2019 special session; and be it 23 FURTHER RESOLVED that the Alaska State Legislature will call itself into a 24 special session at a time and date to be determined for the sole purpose of deliberating the 25 issues surrounding the use of the earnings of the Alaska permanent fund.