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Sunday, September 25, 2022

Alaskans pocket more than $3,000 in annual oil-wealth payments – Brospar Daily News

Nearly every Alaskan received a financial windfall of more than $3,000 on Tuesday, the day the state began distributing payments from Alaska’s investment fund, which is funded by the state’s oil wealth. Officially known as Permanent Fund Dividends or PFD locally, the payments amounted to $2,622, the highest amount ever. Alaska lawmakers added $662 as a one-time benefit to help residents with high energy costs. Direct deposits started hitting bank accounts on Tuesday, and checks will arrive later for those who choose them. Residents use the money in a variety of ways, from buying large-screen TVs, vehicles or other goods, spending it on vacation or putting it into savings or college funds. In rural Alaska, the money can help offset huge fuel and food costs, like $14 for a 12-pack of soda, $4 for a celery bunch, and $3 for a small can of Greek yogurt. We haven’t seen this since the first PFD was paid in 1982,” Gov. Mike Dunleavy said in the video. “Alaskans are bearing the brunt of inflation from gas stations to grocery stores, and this year The PFD will provide much-needed relief as we head into winter. “Those who live on the state’s vast west coast were devastated by the remnants of Typhoon Merbok over the weekend. There was extensive damage to homes and infrastructure along 1,000 miles of coastline. Among the most damaged communities, Nome was coastal The largest city with about 3,500 residents and famous for being the finish line of the world’s most famous sled dog race. Howard Farley, now 90, helped Nome become the Iditarod more than 50 years ago The finish line of his century-old home in the highlands of Nome was protected from the storm, but they did lose about 100 feet of frontage and a building at the family campground about 5 miles east of town.” Beach Much closer,” he said. He said those payments — which would be more than $16,00 for a family of five — were much needed. Farley said gas was $7 a gallon and would stay that way. It’s in this state until the next shipment arrives next spring because barges can’t deliver once the Bering Sea freezes. “Prices aren’t going to drop like Anchorage and other places because you guys can pick it up almost anytime,” he said. “For a lot of households, it means they can break even at the high price we pay,” he said. Alaska is seen as an entitlement, usually from the proceeds of the Reserve Investment Account. The Diversified Fund is Established during the construction of the Trans-Alaska Pipeline in the 1970s and is now worth $73.6 billion. There is an annual application process and residency requirements to qualify for dividends. Traditionally, dividends are paid using proceeds from the Alaska Permanent Fund. Legislators in 2018 Started using the fund’s proceeds in 2008 to help pay government fees and trying to limit the amount withdrawn from proceeds for both purposes. This year’s dividend amounts to half of authorized withdrawals. Residents received their first checks in 1982, 1,000 USD. Amounts vary over the years and are traditionally calculated based on a five-year rolling average to cushion an economic downturn. The smallest check ever was $331 in 1983. The largest check before this year was $2,072 in 2015 If someone had collected every check since 1982, it would have been $47,049. Mildred Jonathan, 74, and her husband Alfred, 79, live in the inland village of Tanacross, Alaska, 100 west of the Canadian border. miles (161 km). When they get a paper check in October, there will be no frivolous spending. Instead, the Jonathans’ main purchase will be firewood. “The wood I’m hoping to get is $1,600, and it’s 10 Loads of cores,” she said. “If I bought it, I could get through the winter. It’s already snowing on the nearby mountains, and winter temperatures in Athabasca Village are often well below zero. “It’s cold, it’s cold, it’s cold,” she said. The couple’s remaining money will be spent on new hot water system, the floor of their house and a Christmas present for the grandkids who need a new phone.

Nearly every Alaskan received a financial windfall of more than $3,000 on Tuesday, the day the state began distributing payments from the Alaska Investment Fund, which is funded by the state’s oil wealth.

The payment, officially known locally as the Permanent Fund Dividend or PFD, was $2,622, the largest amount ever. Alaska lawmakers added $662 as a one-time benefit to help residents with high energy costs.

Direct deposits began hitting bank accounts on Tuesday, and checks will reach those who choose them later.

Residents use the money in a variety of ways, from buying big-screen TVs, cars or other goods, to taking vacations or putting them into savings or college funds. In rural Alaska, the money can help offset the hefty costs of fuel and food, like $14 for a 12-pack of soda, $4 for a celery bunch, and $3 for a small container of Greek yogurt.

“We are experiencing record high inflation not seen since the first PFD was paid in 1982,” Governor Mike Dunleavy said in a video. “Alaskans bear the brunt of inflation, from gas stations to grocery stores, and this year’s PFD will provide much-needed relief as we head into winter.”

The timing of the inspection couldn’t be better for those living on the state’s vast west coast, which was devastated by the remnants of Typhoon Merbok over the weekend. The 1,000-mile coastline has caused extensive damage to homes and infrastructure.

Among the most devastated communities, Nome is the largest city on the coast, with about 3,500 residents and famous for being the finish line of the world’s most famous sled dog race.

Howard Farley, now 90, helped Nome get to the finish line at Iditarod more than 50 years ago. His century-old home on Nome Heights was safe from the storm, but they did lose about 100 feet of frontage and a building at the family campground about 5 miles east of town.

“The beach is closer,” he said.

He said the sum — which would be more than $16 for a family of five — was much needed.

“Even for people who aren’t hurt, it’s really serious with inflation going up,” he said.

Gasoline is $7 a gallon and will stay that way until next spring when the next shipment arrives, Farley said, because barges cannot deliver once the Bering Sea freezes.

“Prices don’t drop like they do in Anchorage and elsewhere, because you can take delivery almost anytime,” he said.

“For a lot of families, it means they can make ends meet at the high price we pay,” he said.

Oil wealth checks, seen by some in Alaska as an entitlement, usually come from savings and investment accounts. The Diversity Fund was established during the construction of the Trans-Alaska Pipeline in the 1970s and is now worth $73.6 billion.

Annual application process and residency requirements to qualify for dividends. Traditionally, dividends are paid using the proceeds of the Alaska Permanent Fund. Lawmakers began using the fund’s proceeds in 2018 to help pay government costs and sought to limit the amount withdrawn from the proceeds for both purposes. This year’s dividend amount is half of the authorized draw.

Residents received their first check for $1,000 in 1982. The amount has changed over the years and is traditionally calculated based on a five-year rolling average to cushion a recession.

The smallest check ever made was $331 in 1983. The biggest check before this year was $2,072 in 2015. If someone had collected every check since 1982, that would be $47,049.

Mildred Jonathan, 74, and her husband Alfred, 79, live about 100 miles (161 kilometers) west of the Canadian border in the inland village of Tanacross, Alaska.

When they receive a paper check in October, there will be no frivolous spending. Instead, the Jonathans’ main purchase will be firewood.

“The lumber I was hoping to get was $1,600 and it was a 10 rope load,” she said. “If I bought it, I could get through the winter.”

It’s already snowing on the nearby mountains, and winter temperatures in the Athabascan village are often well below zero. “It’s so cold, so cold, so cold,” she said.

Any money the couple has left will go towards a new hot water system, the floors of their home and Christmas presents for their grandkids who want new phones.

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