Friday, December 19, 2025
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Kenai Peninsula Borough’s Voter Education Campaign on Propositions 1 and 5 Sparks Legal Questions 

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With the Kenai Peninsula Borough’s October 7, 2025, election nearing, two citizen-initiated ballot measures—Proposition 1, mandating manual hand-counting of in-person ballots and eliminating electronic tabulators, and Proposition 5, aligning local elections with state and federal November dates—are at the center of debate.  

The Borough Assembly’s $34,000 voter education campaign, launched in September 2025, aims to inform residents about these measures but has drawn scrutiny for highlighting only their challenges, omitting potential benefits. This approach raises questions about compliance with Alaska election laws, which require neutrality in public-funded efforts.  

Here’s a look at the campaign’s details, its legal implications, and options for voters. 

The Campaign: Focus on Challenges 

On September 3, 2025, the Assembly unanimously approved Ordinance 2025-19, allocating $34,000 for a voter outreach campaign on Propositions 1 and 5, managed by Borough Clerk Michele Turner. The campaign includes digital ads on platforms like Facebook, infographics on the Borough website kpb.us, and radio ads broadcast to the peninsula’s approximately 58,000 residents. 

For Proposition 1, the campaign notes increased staffing needs and costs for manual ballot counting, with Vice President Kelly Cooper emphasizing during Assembly discussions the “unknown price tags” voters should understand. For Proposition 5, it highlights logistical hurdles, such as disrupted election agreements with cities like Soldotna, Homer, and Kenai, which could keep municipal races in October, requiring the Borough to hire separate workers and purchase materials.  

The Borough’s factsheets for both propositions provide neutral ballot language but direct voters to campaign materials for context, which focus solely on these challenges. Notably, the campaign does not mention potential benefits.  

For Proposition 1, there is no reference to possible gains in public trust from manual counting amid national election security concerns. For Proposition 5, it omits data from boroughs like Matanuska-Susitna, where aligned elections boosted turnout to 41% in 2024, compared to Kenai’s 25% in recent non-federal years. This selective focus aligns with the Assembly’s 2023 decision to reject election alignment (7-2 vote), favoring a Voter Turnout Working Group instead. 

Alaska’s election laws, governed by Title 15, regulate public spending on voter education. AS 15.13.145 prohibits using public funds to influence election outcomes, including ballot measures, to avoid the “appearance of corruption” (AS 15.13.010). Voter education must be “factual and impartial,” per Alaska Public Offices Commission (APOC) guidelines, and expenditures over $500 require disclosure (AS 15.13.090).  

State election pamphlets (AS 15.58) include balanced arguments for and against measures. The Borough’s campaign, by emphasizing only challenges, could be seen as indirectly opposing Propositions 1 and 5, potentially violating AS 15.13.145.  

APOC has pursued similar cases: in 2023-2025, anti-ranked-choice voting groups faced $157,000 in fines for biased communications and non-disclosure. A 2021 case, Alaska Policy Forum v. APOC, flagged educational materials for skewed framing, noting that omissions can mislead voters. Penalties for violations include fines up to $102,000 (three times the campaign cost), corrective disclosures, or misdemeanor charges (AS 15.13.390).  

With absentee voting underway, an APOC complaint could disrupt the campaign or trigger post-election audits.  

Voter Options Before Election Day 

Voters seeking to address the campaign’s one-sided approach have several paths: 

  • File a Complaint: Residents can submit complaints to APOC at doa.alaska.gov/apoc, citing the campaign’s omission of benefits (e.g., Prop 5’s turnout potential). Contact: (907) 276-4176 or [email protected]. Complaints may prompt investigations within 30-90 days. 
  • Access Full Information: Review proposition texts at kpb.us/elections. For Prop 1, consider security benefits versus costs; for Prop 5, note Mat-Su’s turnout gains.  

As the Borough navigates these contentious measures, the campaign’s focus on challenges alone has sparked concerns about fairness. Influencing election outcomes by elected officials is a serious matter, as is violating state election laws. Both propositions are intended to improve election integrity and voter turnout. What are the Assembly’s actions intended to do? 

Ben Carpenter is a former Alaska state legislator, combat veteran, small business owner, host and producer of the Must Read Alaska Show podcast, and newly hired CEO of Must Read Alaska. Ben is also the sponsor of Ballot Proposition 5. 

Dunleavy Prepared for Federal Shutdown Impacts 

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The U.S. federal government entered a partial shutdown at midnight on October 1, following Congress’s failure to pass a continuing resolution or a full appropriations bill by the September 30 deadline. Partisan disagreements over spending priorities prevented an agreement on a short-term funding measure. This is the first government shutdown since 2019, affecting non-essential federal operations and leading to the furlough of hundreds of thousands of workers nationwide until funding is restored. 

In preparation for the shutdown, it was announced that proactive measures had been implemented to ensure Alaska’s readiness to continue essential services. Governor Dunleavy has directed all state executive branch departments to review federally administered programs and develop contingency plans to maintain critical services for residents. The state aims to minimize disruptions by leveraging available funds and adhering to the latest federal agency guidance. 

According to the announcement, due to prior funding arrangements or authorizations, several essential programs are anticipated to continue functioning without disruption. These programs include Medicaid, Title IV-E Foster Care and Adoption Assistance. The state maintains regular communication with federal partners to monitor developments. Adjustments to other programs may occur based on Congressional actions and directives from relevant agencies. 

Officials in Alaska intend to follow a precedent established during previous shutdowns by ensuring that state-administered, federally funded programs continue to operate. The state will reassess the priorities of services essential for the public’s well-being and safety if the shutdown extends beyond one month or if there are changes in funding dynamics. 

 Employees in approximately 4,800 state executive branch positions that receive partial federal funding are expected to continue working and receiving their salaries until the federal government issues revised instructions.  

 To assist federal employees who may face furloughs, the Alaska Department of Labor and Workforce Development has released a Frequently Asked Questions (FAQ) document. The document addresses concerns related to unemployment insurance and provides detailed instructions on how to apply and check eligibility.  

State officials emphasize that, although the duration of the shutdown is uncertain, these preparations enable Alaska to protect essential services during the funding lapse. 

Brenda Josephson is a board member of Alaska Gold Communications, Inc., the publisher of Must Read Alaska. You can contact her via email at [email protected]. 

Alex Gimarc: APOC Complaint Against Mayor Suzanne LaFrance

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By ALEX GIMARC

I filed a campaign finance reporting complaint against Mayor LaFrance a couple weeks ago. It was accepted and served against the Mayor on Sept 24. Complaint 25-18-CD is not yet available on APOC’s web site. Her reports for all campaigns are available there, however. The complaint finds the mayor did incomplete campaign expenditure reporting in her 2024 run for Mayor. APOC is asked to investigate and if necessary, fine LaFrance for multiple violations of state law.

Mayor LaFrance is not a stranger to this particular rodeo, having run in local elections three times, 2017 and 2020 for Anchorage Assembly and 2024 for Mayor. Her initial set of reports in 2017 did have some problems, there were three incomplete disclosures during that campaign. Two of them were out of state expenditures for advertising or digital advertising. Purchase of radio media on multiple frequencies was lumped into a single payment. The local voter has no insight into the allocation of funds amongst the six stations her ads ran on. Sadly, the events of her 2017 campaign are outside the APOC Statute of Limitations.

But LaFrance is a learning machine and filed an excellent set of reports for her 2020 reelection campaign for Anchorage Assembly. Her radio time buy on Feb 18, 2020, disclosed funds distributed to five radio frequencies. Another disclosed a vendor engaged in two tasks and the purchase of radio time in Anchorage with funds allocated for three different purposes. By 2020, LaFrance was clearly aware of state law and had no problem reporting expenditures to comply with that law.

Sadly, during her run for Mayor, that compliance disappeared, with over 80 failures to report which vendor was spending which campaign dollar on which ad on which station, something she had no problem doing four years earlier. 

While I make no excuses for either state law or LaFrance, I simply point out that this is state law, applicable to candidates on both sides of the political divide. If I was snarky, I would note that media for the 2024 LaFrance campaign was done by three out of state media companies, DS Political, Hamburger Creative and Sage Media Planning and Placement, all based in Washington DC. Locally, her media buys were done by Amber Lee Strategies, Gonzalez Media, LLC and Alpha Media Group. 

I do not expect the National democrat-connected companies to know or care about Alaska state law. I do expect her multiple deputy treasurers with more than passing connections to the Ship Creek Group to both care about Alaska state law and act accordingly. That they are singularly uninterested in compliance should tell us a lot about LaFrance, her backers and their willingness to comply with state and local law while governing. 

In our analysis of LaFrance financial reporting, we find that she did not comply with Alaska state law on 89 items. Most of these took place before May 1, 2024, some 500 days ago. Failure to correctly report an expenditure puts a campaign at risk of a fine of at least $50.day. If APOC agrees following its investigation, the LaFrance campaign is on the hook for fines on the order of $2.2 million.

One of the mantras we heard endlessly from the political left and their cheerleaders in the media during anti-Trump lawfare 2021 – 2024 was that nobody is above the law. We are about to find out if Mayor LaFrance and her campaign are above the law or required to comply just like every other single candidate running for office here in Alaska. And we are going to find out how well APOC enforces violations of state law. While I hope for the best, I am ready for anything. 

Alex Gimarc lives in Anchorage since retiring from the military in 1997. His interests include science and technology, environment, energy, economics, military affairs, fishing and disabilities policies. His weekly column “Interesting Items” is a summary of news stories with substantive Alaska-themed topics. He was a small business owner and Information Technology professional.

Kikkan Randall Nominated to U.S. Ski & Snowboard Hall of Fame, Honoring Trailblazing Olympic Legacy 

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By JON FAULKNER 

Editor’s Note: This story was corrected on October 2, 2025, to reflect the correct location for the induction ceremonies.

ANCHORAGE – In recognition of Kikkan Randall’s lifetime of outstanding contributions to the sport, the Olympic gold medalist and Alaskan cross-country skiing icon has been nominated for induction into the prestigious U.S. Ski & Snowboard Hall of Fame.  The announcement, made earlier this month, celebrates Randall’s unparalleled achievements, including her pivotal role in securing America’s first-ever Olympic gold in women’s cross-country skiing. 

Randall, an Anchorage native and executive director of the Nordic Skiing Association of Anchorage, etched her name in history at the 2018 PyeongChang Winter Olympics. Teaming with Jessie Diggins, she clinched the team sprint gold in a thrilling finish against Scandinavian powerhouses. The victory shattered decades of barriers for U.S. skiers.

Watch NBC Sport’s 2018 Winter Olympics: Randall, Diggins win gold, ending U.S. cross-country drought.

Over her 17-season career, Randall amassed 29 World Cup podiums, three consecutive sprint Crystal Globes, a 2009 World Championships silver, and a 2013 World Championships gold—milestones that redefined American excellence in Nordic skiing. 

A cancer survivor, mother of two, and advocate for women’s empowerment through Fast and Female, Randall’s journey from East High School prodigy to global trailblazer inspires generations. “This nomination feels like a nod to our Anchorage community that believed in the impossible,” Randall said. “It’s our shared victory.” 

Induction ceremonies are slated for April 2026 in Snowbird, Utah. Randall joins Scott Gomez, an NHL star, and Carlos Boozer, an NBA standout, in a banner month of recognition for Alaskan sports legends. 

Fairbanks Borough Documents Detail Travel Expenditures by Borough Assembly Members

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By BEN CARPENTER and NATALIE SPAULDING

Editor’s Note:

This story contains grammatical and technical corrections to the original story published on Friday, September 26, 2025, under a similar title. In our effort to provide transparency, MRAK is republishing the article with corrected expenditures. We apologize to our readers and Borough officials for not independently verifying the data provided to us.     

Also corrected is the terminology used for a public records request made to the state government. A Freedom of Information Act (FIOA) request is made to the federal government.

This correction also updated the article to reflect that three employee expense reports were omitted from the documents given to Ruth Ewig.

A municipal tax cap is one way to prevent a borough or local government entity from spending taxpayer money on unwarranted travel expenses or political causes. Understanding current borough spending habits can help voters decide about the necessity of a tax cap. Fairbanks residents Jon and Ruth Ewig conducted a public records request to shine light on borough expenditures.

In their effort to show why a tax cap is both necessary and desirable, Ruth Ewig requested documents detailing borough expenditures through a public records request. The documents she received show that Fairbanks North Star Borough representatives Savannah Fletcher, David Guttenberg, Brett Rotermund, Mindy O’Neall, Scott Crass, and Kristan Kelly cumulatively spent at least $16,394.23 of taxpayer money on travel expenses from February 5, 2024 – February 21, 2025. Guttenberg and O’Neall may have spent an additional $6,764.38, based on projected costs submitted by Guttenberg and O’Neall.

According to the documents provided to MRAK, David Guttenberg spent the most money. He spent $7,387.26 on three trips. Additionally, Guttenberg filed two Travel Authorization forms—one to attend the NACO Legislative Conference and one to attend the AML Winter Legislative Conference—in which he estimated $6,408.03 in projected costs.

In total, Gutenberg may have spent more than $13,000 of taxpayer money on travel expenditures. Gutenberg was required to fill out an Employee Expense Report following his trip with the actual amount of money spent as well as all receipts and records of expenditures during his trip. The expense reports for these two trips were not included in the public records request given to Ruth Ewig.

Mindy O’Neall spent $3,112.20 on three trips and an estimated $356.35 on a fourth trip. The borough also failed to provide Ruth Ewig with the expense report containing the actual amount spent on the fourth trip, which was a trip to Victoria BC, Canada to attend a conference about “preventing hate and building social cohesion.”

According to Ruth Ewig, the documents show that Guttenberg and O’Neall failed during their authorized Juneau trip to keep their appointments with their interior legislative delegation. Released Assembly reports do not account for their absences.

During the February 2024-2025 time frame, Borough Assembly member Brett Rotermund spent $1,879.09 on one trip; Scott Crass spent $1,814.76 on two trips; Savannah Fletcher spent: $1,722.11 on three trips; and Kristan Kelly spent $478.81 on one trip.

The public records reviewed by Mrs. Ewig also reveal that North Star Borough Assembly members used Borough funds to attend the Alaska Municipal League’s Annual Local Government Conference. Additionally, the Borough Assembly paid $50,000 to a lobbyist.

In 2024, according to Ewig, Borough Assembly members O’Neall, Crass, and Fletcher spent $125,000 sponsoring a campaign to remove the tax cap and to increase real property land taxes by $10 million. That campaign failed.

“These travel expenditures do not represent a wise use of taxpayer-generated revenues,” said Ewig. “Fairbanks residents know that raising the tax cap is not necessary, and that these funds can be better utilized on the proper functions of government.”

Federal Department of Interior Reverses Biden Policy on Native Allotments 

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By JON FAULKNER

In a setback to Native allotment holders in Alaska, last week the U.S. Department of the Interior reversed a controversial Biden administration policy and reaffirmed the State’s territorial jurisdiction over Alaska Native allotments. 

 “We are encouraged that Interior has returned to a position grounded in Alaska’s unique history,” said Alaska Attorney General Stephen Cox. “The Supreme Court has often said, ‘Alaska is the exception, not the rule.’ Today’s action respects that principle and restores the jurisdictional balance Congress intended and courts have repeatedly affirmed.”  

Native Allotments originated in a 1906 Congressional act that granted individual Alaska Natives the right to claim up to 160 acres of unappropriated federal land, conditioned upon their continuous use and occupancy. These personal homesteads were created without tribal participation; by 1960, 80 allotments existed. After statehood, applications for allotments surged and over 17,000 exist today, totaling over three million acres, mostly centered around villages. 

When Alaska achieved statehood in 1959, Native land claims were unresolved. With the discovery of oil on Alaska’s North Slope, settlement of land claims became necessary before a pipeline could be built.  The 1971 Alaska Native Claims Settlement Act (ANCSA) created Native corporations and vested them with land and cash, but in exchange extinguished certain aboriginal land claims. ANSCA also ended new allotments but preserved existing ones as restricted lands—inalienable without federal approval. These allotments fell under a cloudy jurisdictional divide: federal oversight for certain easements or land use restrictions, but state laws for day-to-day governance. 

ANSCA policy was generally re-affirmed in 1993 when the U.S. Department of the Interior’s Solicitor issued an opinion declaring that Alaska’s federally recognized tribes—over 200 strong—lacked territorial jurisdiction over Native allotments. These lands, the opinion argued, were not “Indian country” in the legal language adopted from Lower 48 cases, but were subject to state and federal territorial jurisdiction, much like non-native properties. This position held for three decades, affirmed in 2021 by a federal court in the Native Village of Eklutna case which ruled allotments resembled general homesteads, not tribal territories. 

In February 2024, a new Solicitor Opinion issued by the Biden Administration abruptly reversed Interior’s long-standing policy by recognizing tribal jurisdiction over allotments owned by members. This altered Alaska’s legal map, sparking uncertainty across millions of acres: Would tribal land laws apply to non-natives, or just members? State officials criticized the action as Federal overreach, as inconsistent with Alaska’s unique history and decades of legal precedent, while also bypassing Congress and the State’s public process.  

Meanwhile, pressure was mounting in Alaska as plans for casinos and gaming facilities on native land were circulating, posing jurisdictional issues for state and municipal administrators.   

Finally, in February 2025, the State filed a lawsuit challenging a series of federal decisions that were based on the Biden Administration’s now-reversed rule. Alaska’s Department of Law hopes this litigation is permanently resolved by the Interior’s latest action.    

According to a Department of Law press release: “Today’s decision restores Interior’s prior position: that the State maintains primary jurisdiction over land owned by Alaska Natives, Alaska Native corporations, and Alaska tribes (with the exception of trust lands beneficially owned by the Metlakatla Indian Community). 

Read the revocation on the Solicitor’s Opinon webpage. 

Tlingit & Haida Tribes Push Back on Haines Borough Tax Claim, Seek Exemption for Tribal Operations 

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By JON FAULKNER 

HAINES – In a move highlighting ongoing tensions between local governments and Alaska Native tribes over taxation, the president of the Central Council of the Tlingit & Haida Indian Tribes of Alaska has formally urged Haines Borough Mayor Tom Morphet to drop a small claims court action seeking roughly $7,500 in unpaid sales taxes from a tribal business. 

In a letter dated August 29, 2025, Tlingit & Haida President Richard J. Peterson detailed the tribe’s receipt of court documents around August 18, 2025 from Haines’ chief fiscal officer, alleging non-payment of taxes tied to The Gathering Place, a short-term rental operation at 360 Lutak Road. Peterson noted that the claim may not have been properly served but emphasized the tribe’s preference for dialogue over litigation. 

“This isn’t just about a bill—it’s about recognizing tribal governments on equal footing with other entities,” Peterson wrote, referencing a 2023 letter to former Mayor Douglas Olerud on the same issue. He proposed amending Haines Borough Municipal Code Section 3.80.050(14), which currently exempts sales, services, and rentals to or by foreign governments, the U.S. government, the state, its subdivisions, and municipalities from taxation. Adding tribal governments to that list, Peterson argued, would align Haines with Southeast Alaska municipalities like Juneau and Sitka, while acknowledging the “critical role” tribes play in community services. 

Peterson outlined an array of programs funded by tribal enterprises like The Gathering Place, including childcare development, job placement and training, Temporary Assistance for Needy Families (TANF), emergency support, realty and forestry management, burial assistance, language and traditional trades programming, self-governance support, and general financial aid. These services, he stressed, extend benefits to both tribal citizens and their non-Native family members, bolstering the broader Haines community amid fluctuating federal and state funding. 

“Revenue from small businesses like The Gathering Place is even more critical in this current environment of unreliable federal and state funding,” Peterson added, underscoring how such operations sustain vital public services. 

While affirming the tribe’s readiness to defend against the borough’s authority to tax a business on an Alaska Native allotment, Peterson called for a “spirit of partnership” to resolve the matter amicably. He requested that Haines withdraw the claim or seek a court stay on deadlines to allow for discussions. 

Peterson invited direct contact via email at [email protected] or through Connor Ulmer, manager of the Office of the President, at [email protected] or 907-463-7185. 

The dispute comes as Alaska’s rural communities grapple with budget pressures, and tribal contributions to local economies and services often intersect with municipal revenue needs. Neither the Haines Borough nor Mayor Morphet’s office has publicly responded to the letter as of this writing. 

The full letter can be viewed here:    

Will Voters Turn the Homer City Council Red?

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By GREG SARBER

There will be statewide borough elections held on October 7th, and Homer voters will have the chance to flip the city council from a liberal majority to a conservative one. This is an opportunity that doesn’t come along very often, but could very well happen this year, thanks to excellent candidates and a motivated conservative base.

There are six seats on the Homer City Council, and five of them are currently held by individuals with a left-of-center worldview, giving liberals a 5-1 majority.  However, the election will fill three open seats this year, and the liberal incumbents are facing serious conservative challengers. If all three center-right candidates win, the majority would flip to 4-2 conservative.  The three challengers all have legitimate conservative pedigrees, which offer them an excellent chance to win their contests.  These individuals are in alphabetical order.

Homer City Council Candidates Mike Jones, Elias Garvey, and John Mink

Mike Jones – Mike has lived in Alaska for several years, moving here after he retired from working in the power industry.  He spent his career working as a professional engineer and managing technical teams on major fossil fuel and hydro power plants. Mike has the expertise needed to help the city government understand difficult technical subjects, such as the construction of the proposed deep-water port expansion.  His candidacy was covered in detail in a previous article, which can be found here. 

Elias Garvey – Elias is a lifelong Alaskan with experience in the commercial fishing and construction industries.  Mr. Garvey is a thoughtful individual in public, who feels his job as a councilman would be to protect the public from government overregulation.  He also believes in avoiding unnecessary spending and supports freedom and liberty.  He wants to avoid the distractions that come from spending time in council debating frivolous items, which are not the purview of government at the local level. 

John Mink – John has lived in Homer for over a decade.  He has been heavily involved in civic activities, with the Homer Hockey Association and the Kachemak Jr. Nordic Ski Association.  He has served as the Economic Development Commissioner for the City of Homer and also works as a substitute schoolteacher.  Mr. Mink believes in sustainable growth and fiscal responsibility.  In one of the candidate forums, he mentioned that the primary goal of city government should be to provide the core services needed by the community before exploring spending on other nonessential items.

All three of these candidates are more qualified than the incumbents they will be running against.  However, the biggest challenge they face is the voter apathy that impacts off-cycle elections in Homer.  That is illustrated in Table 1.

Unfortunately, in borough elections, the voter turnout is typically low, averaging only 19.77% of the registered voters.  Only the most motivated individuals bother to vote, and in Homer, they tend to be the same rabid partisans that you see waving protest signs on Homer street corners.  They vote when conservatives do not, so Homer ends up electing a city council with 5 of the six seats filled by individuals with a left-of-center worldview.

However, it doesn’t have to be that way.  There are enough conservative voters in Homer to elect center-right candidates.  Data from the last four elections in Table 1 shows that the average margin of victory in city council elections is only 285 votes.  There were more than that number of conservatives who turned out for the Charlie Kirk memorial in Homer on September 17th.  If all of the memorial attendees voted, they could swing elections in favor of conservative candidates. If conservatives are motivated, Homer could elect the three conservative challengers in this year’s election.

Local elections are more important than most people think.  On October 7th, there will be elections held in boroughs around Alaska.  In addition to local governance, some of the people getting their start in city councils around the state this year will be the same candidates running for legislature in ten years and for governor in twenty.  If you are a conservative who complains about the liberal and RINO politicians who run our cities, our legislature, and represent us back in Washington DC, it can all change if you start electing conservative politicians at the local level.

Be sure to get out and vote on October 7th.  Absentee voting is now open, and you have 10 days to do so.  If you are a conservative, use the memory of Charlie Kirk’s murder as motivation.   It is time for conservatives to take back Alaska from the leftists running our state, and it all begins 10 days from now, on October 7th

Greg Sarber is a lifelong Alaskan. He is a petroleum engineer who spent his career working on Alaska’s North Slope. Now retired, he lives with his family in Homer, Alaska. Greg serves as a board member of Alaska Gold Communications, Inc., the publisher of Must Read Alaska.

Deven Mitchell: 49 Forward For Generations of Alaskans

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By DEVEN MITCHELL, CEO & EXECUTIVE DIRECTOR APFC

I was born about a decade after Alaska became the 49th state, and have shadowy memories of life before oil revenue poured in. The preparedness to take care of ourselves demonstrated by gravel and shovels in the back of trucks during the winter, the limited access to markets reflected in ordering clothes out of a 2-inch-thick JCPenney catalog once a year, or the reality of drinking powdered milk because that’s what was available, were not unique to my household.

The Alaska Permanent Fund embodies that generation’s pioneering, hardy spirit. Those Alaskans, who had far less than we do today, selflessly chose to transform a portion of our resource wealth into a renewable financial resource for future generations rather than spend it on themselves. That foresight and generational sacrifice have proven invaluable to our quality of life today. Out of respect for the past and with the vision of a vibrant future, the Alaska Permanent Fund Corporation (APFC) is committed to ensuring the Fund continues to be a source of strength, stability, and shared prosperity for every Alaskan.

At this 49-year mark, APFC’s mandate remains clear: protect and grow the Alaska Permanent Fund for all generations. The 2025 APFC Annual Report, “49 Forward, ” reflects that progress.

Long-Term Performance
This past fiscal year, the Permanent Fund delivered strong results, exceeding long-term benchmarks and demonstrating the value of a disciplined, diversified investment strategy. As of June 30, 2025, the Permanent Fund reached a record high of $85.1B, with over $7.8 billion earned and a 9.35% rate of return. The ability of the Fund to beat its performance metrics over the long-term matters more than any one year’s market high. While markets inevitably fluctuate, the Fund is constructed to provide steady, risk aware performance and to maximize reliable long-term returns.

Generating Revenue for the State
The Alaska Permanent Fund has become a cornerstone of the state’s finances, providing more than half of the unrestricted general fund through the 5% Percent of Market Value draw. This draw is based on a historical 5-year average balance of the Fund and provides a very predictable and stable transfer to the state. The current two-account structure was created almost 50 years ago and has been incredibly resilient over that time. However, the Fund’s investments and accounting rules have changed substantially, which has led to inconsistent inflation proofing, vulnerability to unsustainable draws, or, in certain markets, earnings that aren’t spendable. It’s time to modernize.

One Fund. Built for Generations.
When you describe one fund, with constitutional deposits, that has one limited draw per year, where the fund’s remainder is permanently protected from politicians, most people think that is what we already have. Well, actually, the current Fund structure is very complex, is vulnerable to inflation, overdraws, funding limits, and adheres to accounting rules that are long gone. I’ve found the average Alaskan has little understanding of these risks and quickly shifts to “how can we make it better?” and truly “permanent.” Shifting to a single constitutional endowment will secure automatic inflation proofing, reliable funding, and a protected Principal for future generations.

Transparency & Engagement in Action
The Alaska Permanent Fund was built by Alaskans to benefit Alaskans, and its stewardship depends on engagement and transparency. On October 1–2, APFC’s Board of Trustees will host its Annual Meeting on the Fund’s performance, strategy, and direction; we welcome public participation. Send your public comments via [email protected]. Forty-nine years have shown what a generation of extraordinary Alaskans can provide. It is now our generation’s turn to build on that legacy so that when the Alaska Permanent Fund turns 98 in another 49 years, Alaskans will be just as grateful to us.

About APFC
The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves Alaska’s nonrenewable mineral and oil wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the primary source of revenue for Alaska’s unrestricted general funds, supporting the state’s economic stability and prosperity. APFC is a quasi-independent state agency with one mission: to manage and invest the assets of the Alaska Permanent Fund and other funds designated by law. As of June 30, 2025, the Alaska Permanent Fund is the
largest sovereign wealth fund in the U.S., with $85.1 billion in assets. For more information, visit apfc.org.