Republished June 12, 2020 - 5:29 PM
Original Publication Date June 12, 2020 - 3:51 PM
JUNEAU, Alaska - The state announced Friday that it will begin sending checks of $992 to residents, starting July 1, as their share of Alaska's oil wealth.
Alaska Permanent Fund dividends typically are paid in the fall, but Gov. Mike Dunleavy last month ordered they be distributed early, citing economic hardships caused by the coronavirus.
The Department of Revenue in a release said payments will begin going out July 1. Payments will be made later for others as their eligibility is confirmed, the department said.
Lawmakers in recent years have not followed a calculation for paying checks amid a budget deficit. They appropriated funds this year in an amount that was expected to yield a roughly $1,000 check.
Had the formula been followed, the department estimates the dividend would have been around $3,060.
Lawmakers in 2018 began using earnings from the state’s oil-wealth fund, the Alaska Permanent Fund, to help pay for government. That is the same pot of money that traditionally has been used to pay dividends. This year's check is being paid in part with funds from a state savings account.
News from © The Associated Press, 2020