Legislature(2015 - 2016)SENATE FINANCE 532

03/22/2016 09:00 AM Senate FINANCE

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09:00:40 AM Start
09:01:33 AM SB114
10:42:42 AM Adjourn
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
Heard & Held
+ Bills Previously Heard/Scheduled TELECONFERENCED
SENATE BILL NO. 114                                                                                                           
     "An Act relating to deposits into the dividend fund;                                                                       
     and relating to the Alaska permanent fund."                                                                                
9:01:33 AM                                                                                                                    
AT EASE                                                                                                                         
9:03:33 AM                                                                                                                    
SENATOR LESIL MCGUIRE, SPONSOR, introduced herself.                                                                             
9:04:31 AM                                                                                                                    
Senator  McGuire discussed  the presentation,  "Reducing the                                                                    
Deficit:  Investing Alaska's  Vast Cash  Reserves" (copy  on                                                                    
9:04:43 AM                                                                                                                    
Senator  McGuire  looked  at   Slide  2,  "Is  there  Fiscal                                                                    
Problem? We have a $3.5 to $4 Billion Deficit":                                                                                 
     The legislature has enacted heavy spending cuts over                                                                       
     the last 2 years                                                                                                           
     The state has several savings accounts, but revenue                                                                        
     models show that if oil prices do not rebound, those                                                                       
     savings will be gone in about 2 years                                                                                      
     We cannot wait and hope for high oil prices                                                                                
     The price of inaction now could be disastrous for the                                                                      
     state's future                                                                                                             
9:05:15 AM                                                                                                                    
Senator   McGuire  addressed   Slide  3,   "Alaska's  Fiscal                                                                    
Situation This  Year (FY 16)."  She felt that the  chart was                                                                    
simple to understand.  She noted that the  states output was                                                                    
in blue and the amount of  revenue coming in was detailed in                                                                    
red, green,  and black. She  said that nearly $4  dollars of                                                                    
every $5 spent would come from savings.                                                                                         
9:05:52 AM                                                                                                                    
Senator  McGuire highlighted  Slide  4, "The  Cost of  Doing                                                                    
Nothing/Status Quo":                                                                                                            
     The longer we wait to act                                                                                                  
             · The lower are our reserves                                                                                       
             · The higher the risk of failure                                                                                   
     A lower reserve balance                                                                                                    
             · Simply takes away choices we have to fill                                                                        
               the deficit                                                                                                      
Senator   McGuire  highlighted   that  the   state's  budget                                                                    
reserves  would  be  drained  by FY  18,  leaving  only  the                                                                    
earnings  reserve  account  which  could  be  accessed  only                                                                    
through constitutional mechanisms.                                                                                              
9:06:39 AM                                                                                                                    
Senator  McGuire  discussed  Slide  5, "The  Cost  of  Doing                                                                    
Nothing/Status Quo":                                                                                                            
     In FY 19 The choice will be made to fund Dividend OR                                                                       
The slide offered  a graph depicting that by  FY 19, savings                                                                    
would pay dividends but would  not cover the fiscal gap, and                                                                    
that the dividend program would end entirely by FY 22.                                                                          
Senator McGuire  felt that there  should be a change  in the                                                                    
way  that this  dividend is  distributed. She  stressed that                                                                    
the  slide was  the most  important slide,  because, without                                                                    
the  legislation, the  permanent fund  dividend (PFD)  would                                                                    
eventually cease to exist.                                                                                                      
9:08:40 AM                                                                                                                    
Senator McGuire looked at Slide 6, "A Path Forward":                                                                            
    In crafting SB 114 I had these principles in mind:                                                                          
     The solution needed to:                                                                                                    
     1) Retain a dividend                                                                                                       
          a) Without making the dividend dependent on the                                                                       
          size of state spending                                                                                                
     2) Reduce the volatility in the state budget                                                                               
     3) To clearly expose the size and cost of government -                                                                     
     so that downward pressure would ensure that Alaskans                                                                       
    could begin an honest assessment of needs vs. wants                                                                         
     4) Be enduring to allow maximum use of our wealth over                                                                     
    generations so that benefits and burdens are shared                                                                         
     5) Be simple and easy to implement                                                                                         
9:10:58 AM                                                                                                                    
Senator McGuire highlighted Slide 7, "The Five Stages of                                                                        
             · Denial                                                                                                           
             · Anger                                                                                                            
             · Bargaining                                                                                                       
             · Depression                                                                                                       
             · Acceptance                                                                                                       
Senator McGuire believed that the stages of grief applied                                                                       
to Alaska's fiscal gap.                                                                                                         
9:11:46 AM                                                                                                                    
Senator McGuire looked at Slide 8, "Other Options?":                                                                            
    3 Proposals have been introduced to the Legislature                                                                         
          -SB128 -Annuity Model                                                                                                 
          -SB114 -5 percent POMV                                                                                                
          -HB224 -4.5 percent POMV                                                                                              
     All Use the Permanent Fund Earnings                                                                                        
     What else could we do?                                                                                                     
     -Constitutional Amendment to access the Corpus of the                                                                      
     Permanent Fund?                                                                                                            
          -Requires vote on next General Election                                                                               
     -New Taxes?                                                                                                                
     Continue with Strategic Cuts to the budget                                                                                 
     But we cannot cut our way out of this                                                                                      
9:12:34 AM                                                                                                                    
Senator McGuire  discussed Slide  9, "Potential  New Revenue                                                                    
From  Sustainable Alaska  Plan."  She stated  that if  every                                                                    
revenue  measure  contained  in the  Governor's  Sustainable                                                                    
Alaska Plan were  to be adopted, the yearly  revenue of $457                                                                    
million would not close the fiscal gap.                                                                                         
Senator McGuire looked  at Slide 10, "FY 16  Agency Share of                                                                    
Total Agency Operations and  the Appropriation for Permanent                                                                    
Fund Dividends":                                                                                                                
     If you consider the PF Dividend as spending - it is                                                                        
     our single largest budget item (even without inflation                                                                     
Senator McGuire  noted that the number  reached $2.4 billion                                                                    
after  inflation proofing.  She felt  that it  was important                                                                    
that  Alaskans  know  that  the  dividend  program  was  the                                                                    
biggest cost driver in the budget.                                                                                              
9:13:43 AM                                                                                                                    
Senator  McGuire discussed  Slide 12,  "Current Cash  Flow."                                                                    
The  slide   illustrated  the  current  cash   flow  of  the                                                                    
Permanent Fund  into the General  Fund. The  slide reflected                                                                    
that draws from  the CBR would be made as  necessary to fill                                                                    
deficits.   She  noted   that   the   Permanent  Fund   held                                                                    
approximately  $52  billion  and  was  the  state's  largest                                                                    
asset. She shared that the ERA  had been created in 1980, by                                                                    
the  12th Alaska  State Legislature,  and  had done  nothing                                                                    
more than pay out dividends to Alaska residents.                                                                                
9:14:59 AM                                                                                                                    
Senator McGuire highlighted Slide  13, "Proposed SB 114 Cash                                                                    
     1) Royalties to PF equal 25 percent (the only                                                                              
     inflation proofing requirement contained in the                                                                            
     2) 4.5 percent POMV from ERA to GF                                                                                         
     3) Dividend Calculation:                                                                                                   
          1) 15 percent of Royalties                                                                                            
          2) 15 percent of ERA funds (from ERA)                                                                                 
          3) 2 percent of CBR (from ERA)                                                                                        
Senator McGuire  pointed out that  the $.5 percent  POMV was                                                                    
the  most  important aspect  of  the  bill that  related  to                                                                    
budget stabilization. She relayed  that the CBR would remain                                                                    
the same and  would be available to drawn  on when necessary                                                                    
to fill  deficits, and only  through the  three-fourths vote                                                                    
of  the Legislature.  She explained  that the  original bill                                                                    
had  the dividend  coming exclusively  from 74.5  percent of                                                                    
all  of  the  future  rents  and  royalties  of  sub-surface                                                                    
earnings,  and  believed  that  offered  the  simplicity  of                                                                    
connecting future  dividend recipients to the  source of the                                                                    
revenue and would grow the economy.                                                                                             
9:19:48 AM                                                                                                                    
Senator McGuire discussed Slide 14, "The Overall Effect":                                                                       
     Reduces the Deficit by $2 Billion                                                                                          
          Reduces volatility in budget                                                                                          
          •Grows the Permanent Fund                                                                                             
               •Maintains buying power of the corpus of the                                                                     
          •Preserves the Dividend                                                                                               
               •With a minimum of $1,000                                                                                        
          •Reduces the CBR draw to cover deficit                                                                                
         •Helps maintain good state credit rating                                                                               
          •Maintains downward pressure on state Spending                                                                        
9:22:08 AM                                                                                                                    
Senator McGuire addressed Slide 15, "SB 114 Dividend":                                                                          
     Historical PF Dividends                                                                                                  
     34 Dividends have been paid                                                                                                
     18 Have been $1,000 or less                                                                                                
     16 Have been greater than $1,000                                                                                           
Senator McGuire reiterated that  the status quo's fiscal end                                                                    
would come in FY22.                                                                                                             
9:23:03 AM                                                                                                                    
Senator  McGuire  highlighted Slide  16,  "The  Size of  the                                                                    
     SB 114 has a minimum $1,000 dividend                                                                                       
     Status quo Dividend program WILL END                                                                                       
Senator McGuire  believed that the  committee would  need to                                                                    
address  the  issue  in  FY  19  because  the  CBR  will  be                                                                    
exhausted and the legislature will  be forced to go into the                                                                    
ERA. She said that she  usually used a billion dollar place-                                                                    
hold for  revenue in her charts,  but based on the  price of                                                                    
oil  the billion  dollar revenue  was no  longer guaranteed.                                                                    
She lamented  that the state  would have less money  to work                                                                    
with than had been expected because of low oil prices.                                                                          
9:24:57 AM                                                                                                                    
Vice-Chair Micciche  noted that all of  the modeling assumed                                                                    
a similar price of oil to the current price of oil.                                                                             
Senator McGuire remarked that each  of the bill sponsors had                                                                    
shared  their  modeling  and  basic  assumptions  with  each                                                                    
Senator McGuire  discussed Slides  17, "The Reserves  SB 114                                                                    
vs.  Status Quo."  She announced  that the  chart comparison                                                                    
helped the public to understand  the differences between the                                                                    
bill and the status quo.                                                                                                        
Senator McGuire  addressed Slide  18, "The Reserves  SB 114/                                                                    
Status Quo."                                                                                                                    
9:26:47 AM                                                                                                                    
Senator McGuire  highlighted slide  19, "POMV  and Inflation                                                                    
Proofing", and  shared that the  bill provided  leveling, so                                                                    
the bond ratings could stabilize.  She asserted that the red                                                                    
line  on the  right hand  chart  could not  be brought  down                                                                    
without major structural changes.                                                                                               
Senator  McGuire addressed  Slide  19,  "POMV and  Inflation                                                                    
        · Callan's   Est.    Return   on    Permanent   Fund                                                                    
          Investments equals 6.9 percent                                                                                        
        · POMV Draw equals 4.5 percent                                                                                          
        · To the Earnings Reserve Account equals 2.4                                                                            
        · To the Corpus of the Permanent Fund equals 25                                                                         
          percent of Royalties                                                                                                  
          Total Royalties $690M multiplied by 25 percent                                                                        
          equals $172 million                                                                                                   
     The Bill also allows inflation proofing to the                                                                             
     Principle if the ERA is 4 times the size of the POMV                                                                       
9:27:37 AM                                                                                                                    
Senator McGuire looked at Slide 20, "Review oversite":                                                                          
     Each year on or before January 30                                                                                          
          The commissioner of revenue may consult with the                                                                      
          Permanent Fund board and recommend                                                                                    
               •Adjustments to the percentages of money                                                                         
               appropriated to the dividend                                                                                     
     Each year on or before January 30                                                                                          
          The commissioner of revenue Shall provide a                                                                           
          legislative report that:                                                                                              
               •Evaluates the sufficiency of the assets in                                                                      
               the ERA                                                                                                          
               •Evaluates the amount projected to be                                                                            
              distributed to the General Fund                                                                                   
9:28:39 AM                                                                                                                    
Senator McGuire addressed Slide 21, "Revenue Limitations                                                                        
From POMV Draw":                                                                                                                
     For Oil revenue over $1B there is a corresponding                                                                          
     reduction of the POMV draw                                                                                                 
     This improves the sustainability of payouts from the                                                                       
     Reduces the risk of increasing spending in high years                                                                      
     of petroleum revenue                                                                                                       
     Reduces the volatility in the budgeting process for                                                                        
     UGF expenditures                                                                                                           
Senator  McGuire relayed  that  the original  version of  SB
114, as introduced  in April of 2015,  purposefully left out                                                                    
a method  of constraining growth  of the size  of government                                                                    
in hopes that  the legislature could weigh in  on the issue.                                                                    
She said that the original  bill contained a simpler revenue                                                                    
limitation that  said that the  amount of  appropriation for                                                                    
government  spending could  not  exceed 110  percent of  the                                                                    
previous  appropriation. She  explained that  the change  in                                                                    
the current  version of the  bill generated from  the Senate                                                                    
State Affairs Committee. She said  that the chairman of that                                                                    
committee had  preferred the mechanism, which  was currently                                                                    
being extensively  modeled. She  related that  the principal                                                                    
of the  amendment was  that there  would be  a corresponding                                                                    
reduction in  the POMV draw  for oil revenue over  a billion                                                                    
dollars.  She elaborated  that the  mechanism would  improve                                                                    
sustainability of payouts  from the ERA, reduce  the risk of                                                                    
increasing spending in high years  of petroleum revenue, and                                                                    
would  reduce  the volatility  of  the  budget process.  She                                                                    
asserted that  the POMV  model was  superior to  the annuity                                                                    
plan, but without  a constraint on spending  it could become                                                                    
more  volatile. She  felt that  in  order for  the pubic  to                                                                    
maintain faith in  the legislature to bridge  the fiscal gap                                                                    
they needed assurances that the dividend was protected.                                                                         
9:31:56 AM                                                                                                                    
Senator McGuire discussed  Slide 22, "What SB 114  is and is                                                                    
     SB 114 is NOT                                                                                                            
     •A raid on the Permanent Fund                                                                                              
          •SB114 would only draw from the Earnings Reserve                                                                      
     •A way for Government to increase spending                                                                                 
     •A dividend Killer                                                                                                         
     SB 114 IS                                                                                                                
     •A way to share the risks and rewards of the states                                                                        
     fiscal health                                                                                                              
     •A way to protect the dividend into the future                                                                             
     •A way to ensure that services we enjoy continue to be                                                                     
          •Health and Social Services                                                                                           
          •The Marine Highway                                                                                                   
          •Parks and Recreation                                                                                                 
          •Fish and Game Management                                                                                             
Senator  McGuire assured  the  committee that  there was  no                                                                    
Constitutional  change in  the bill  intended to  invade the                                                                    
corpus  of the  Permanent Fund.  She strongly  believed that                                                                    
the bill  was the  only way to  preserve dividends  into the                                                                    
9:33:24 AM                                                                                                                    
Senator McGuire highlighted Slide 23, "Major Policy Calls":                                                                     
     POMV vs. Sovereign Wealth Model                                                                                            
     Revenue Limitation                                                                                                         
     Percentage of POMV Draw                                                                                                    
     Dividend Calculation                                                                                                       
     CBR Investment                                                                                                             
She  stated  that  the  biggest  question  was  whether  the                                                                    
legislature would  decide to restructure the  Permanent Fund                                                                    
based on  POMV, or use  a Sovereign Wealth Model  (SEM). She                                                                    
explained   that  a   POMV   approach   would  require   the                                                                    
establishment of  a revenue  limitation, the  SWM guaranteed                                                                    
the size  and cost of  government, and a specific  draw. She                                                                    
said  that  the  original  percentage of  POMV  draw  was  5                                                                    
percent,  but   was  currently  4.5  percent;   David  Teal,                                                                    
Director,   Legislative  Finance   Division  preferred   4.9                                                                    
percent.  She  stated  that  the   state  currently  used  a                                                                    
percentage  of the  ERA, a  percentage of  royalties, and  a                                                                    
percentage  of the  CBR to  payout dividends;  the committee                                                                    
had the  power to reconfigure that  calculation. She thought                                                                    
that it would be beneficial to  explore how the CBR could be                                                                    
invested in order to benefit the economy.                                                                                       
9:35:12 AM                                                                                                                    
Senator McGuire discussed Slide 24, "Major Policy Calls":                                                                       
     POMV vs. Sovereign Wealth Model                                                                                            
          POMV is a 5 year look back (hindsight)                                                                                
         SWM is a 25 year look forward (foresight)                                                                              
          Which is better?                                                                                                      
Senator McGuire reiterated that the fact that POMV models                                                                       
worked had been documented numerous times. She added that                                                                       
the SWM required foresight into the next 25 years.                                                                              
Senator McGuire addressed Slide 25, "Major Policy Calls":                                                                       
     Revenue Limitation                                                                                                         
     Dramatically reduces volatility in the budget, however                                                                     
     current language does not limit revenue when Oil                                                                           
     Revenue exceeds $3.5Billion. Should it?                                                                                    
9:36:21 AM                                                                                                                    
Senator McGuire looked at Slide 26, "Major Policy Calls":                                                                       
     The Percentage of POMV draw is sustainable around 5                                                                        
     percent-total draw from ERA                                                                                                
     Questions we must ask ourselves:                                                                                           
     •Will this percentage include a portion for the                                                                            
          •The current bill excludes the 15 percent SNI of                                                                      
          the ERA and the 2 percent from CBR from the 4.5                                                                       
          percent POMV Draw                                                                                                     
               •4.5 percent POMV + 15 percent SNI + 2                                                                           
               percent CBR is probably closer to 5.2                                                                            
               percent total draw                                                                                               
               •Is this Sustainable?                                                                                            
9:36:37 AM                                                                                                                    
Senator McGuire highlighted Slide 27, "Major Policy Calls":                                                                     
     Dividend Calculation                                                                                                       
     •Current bill holds the 2016 Dividend harmless (status                                                                     
          •This will cost the state $750M vs. implanting a                                                                      
          new calculation this year                                                                                             
    •Current bill guarantee's a $1,000 Dividend minimum                                                                         
          •This protects Alaskans on the low side, but the                                                                      
          state pays out                                                                                                        
               •This must be drawn from savings and will                                                                        
               not be paid back when dividends increase                                                                         
9:38:18 AM                                                                                                                    
Senator McGuire discussed Slide 28, "Major Policy Calls":                                                                       
     Dividend Calculation                                                                                                       
          •The current bill draws a 4.5 percent POMV from                                                                       
          the ERA                                                                                                               
               •Then bases the dividend, in part, on 15                                                                         
               percent of a 5yr avg. SNI                                                                                        
                    •These two things are counter to each                                                                       
                    other POMV vs. SNI payouts                                                                                  
                         This introduces Volatility to the                                                                      
                         POMV over time                                                                                         
     •Could consider a Flat dividend amount, or                                                                                 
          •Better, a formula that                                                                                               
               •Uses a percentage of Royalties and                                                                              
               •And percentage of the POMV                                                                                      
          This could spread the risk and reward between                                                                         
          residents and the state                                                                                               
9:40:26 AM                                                                                                                    
Senator McGuire addressed Slide 29, "Major Policy Calls":                                                                       
     CBR Investment                                                                                                             
          •AS 37.10.430                                                                                                         
               •(a) DOR may transfer management of the fund                                                                     
               to the APFC                                                                                                      
               •(c) The subaccount in the CBR can be                                                                            
              invested for higher returns IF                                                                                    
                    •The Commissioner of Revenue does not                                                                       
                    expect them to be needed for the next 5                                                                     
          •A sustainable POMV draw reduces the drain on the                                                                     
          •Some of it could be invested long for a higher                                                                       
9:41:33 AM                                                                                                                    
Co-Chair  MacKinnon   asked  when  the  senator   had  first                                                                    
introduced  legislation on  the topic  of restructuring  the                                                                    
Permanent Fund.                                                                                                                 
Senator  McGuire  replied  that  she  first  introduced  the                                                                    
legislation in  April 2015. She clarified  that GCI, unions,                                                                    
and  corporations had  not been  behind the  genesis of  the                                                                    
bill. She  offered a  brief history of  the crafting  of the                                                                    
original legislation.                                                                                                           
9:43:14 AM                                                                                                                    
Co-Chair MacKinnon  stressed that Senator McGuire  had begun                                                                    
to develop  a solution  long before  most other  people. She                                                                    
commended the work that the senator had done on the issue.                                                                      
9:43:56 AM                                                                                                                    
Senator Dunleavy wondered whether  the legislation needed to                                                                    
catch up with changes in  the Department of Revenue's spring                                                                    
Co-Chair MacKinnon  interjected that there was  $300 million                                                                    
in foregone  revenue in the  new forecast, and  $600 million                                                                    
for FY 18.                                                                                                                      
9:44:28 AM                                                                                                                    
Senator  McGuire replied  that  the  general dollar  figures                                                                    
would  have  to reflect  the  spring  forecast, but  roughly                                                                    
speaking  the presentation  had been  changed to  materially                                                                    
reflect the  three major changes  that came from  the Senate                                                                    
State  Affairs Committee.  She publicly  thanked staff  that                                                                    
had help to craft the legislation.                                                                                              
9:46:20 AM                                                                                                                    
Co-Chair MacKinnon pointed out  to Senator Dunleavy that the                                                                    
charts  in  the  presentation  would  show  less  optimistic                                                                    
numbers  after   being  adjusted   to  reflect   the  spring                                                                    
9:46:58 AM                                                                                                                    
JESSE LOGAN, STAFF TO SENATOR  LESIL MCGUIRE, added that the                                                                    
models in  the bar graphs  in the presentation  were modeled                                                                    
at $50  bbl, and that  time limitations had not  allowed the                                                                    
numbers  to be  adjusted  in time  for  today's meeting.  He                                                                    
said, however,  that the fundamental  relationships remained                                                                    
the same. He  agreed that language changed would  need to be                                                                    
made in the  bill, there were several  places where drafting                                                                    
errors had been  found, and some mechanics would  need to be                                                                    
9:47:49 AM                                                                                                                    
Senator Hoffman  looked at Slide  13, and  expressed concern                                                                    
that the  percentages distributed out of  royalties added up                                                                    
to 101 percent.  He felt that mistakes of the  kind could be                                                                    
costly in the big picture.                                                                                                      
9:48:49 AM                                                                                                                    
Co-Chair   MacKinnon  stressed   the  importance   of  using                                                                    
accurate numbers on public presentations.                                                                                       
Mr.  Logan  clarified  that  the  percentage  going  to  the                                                                    
general fund should be 59.5.                                                                                                    
9:49:04 AM                                                                                                                    
Senator  Olson queried  the approximate  amount  of the  4.5                                                                    
percent  of the  POMV that  would  be going  to the  General                                                                    
Senator McGuire said  that the figure would be  based on the                                                                    
forecasting.  She said  that it  was  originally modeled  at                                                                    
2.25 billion,  now it would  be reduced to reflect  the $300                                                                    
million drop.                                                                                                                   
9:49:53 AM                                                                                                                    
Senator Olson wondered how much  deficit would remain in the                                                                    
state budget if the bill were to pass.                                                                                          
Senator  McGuire  replied  that  the remainder  would  be  a                                                                    
moving target  because there was  no way to know  what state                                                                    
revenue would be.                                                                                                               
9:51:30 AM                                                                                                                    
Co-Chair MacKinnon surmised that  the bill would generate $1                                                                    
billion that would offset any deficit that might remain.                                                                        
Senator McGuire though it was closer to $2 billion.                                                                             
9:52:10 AM                                                                                                                    
Vice-Chair Micciche  looked at Slide 18.  He understood that                                                                    
the blue part  of the bar graph on the  left represented the                                                                    
remaining fiscal gap. He thought  that the graph reflected a                                                                    
relatively sustainable budget.                                                                                                  
Senator McGuire replied in the affirmative.                                                                                     
9:53:07 AM                                                                                                                    
Senator  Bishop wondered  whether  the  changes proposed  by                                                                    
Senator  Coghill   would  make   the  dividend  more   of  a                                                                    
shareholder dividend.                                                                                                           
Senator  McGuire  responded  that   she  believed  that  was                                                                    
conceptually  the  case,  but   for  taxation  purposes  the                                                                    
legislative  legal opinion  stated that  the dividend  would                                                                    
still  be taxable  by the  federal  government. She  thought                                                                    
that the  purely royalty dividend  payout from  the original                                                                    
bill would  have been a pure  share, and could not  be taxed                                                                    
by  the federal  government.  She said  that Alaskans  would                                                                    
receive a share of the  non-renewable resource in the ground                                                                    
on an annual basis.                                                                                                             
9:55:03 AM                                                                                                                    
Senator Olson  looked at  Slide 13. He  assumed that  as the                                                                    
CBR dropped, the  amount of the dividend  would decrease. He                                                                    
asked  whether  there was  a  backup  plan if  the  dividend                                                                    
dropped below $1000.                                                                                                            
Senator McGuire  replied that the  ERA would be used  to pay                                                                    
out dividends.  The hope was the  2 percent of CBR  could be                                                                    
sustained.  She said  that whether  the CBR  should be  kept                                                                    
would be a policy call for the committee.                                                                                       
9:57:09 AM                                                                                                                    
Vice-Chair   Micciche    commented   that,    provided   the                                                                    
legislature  continued to  apply  downward  pressure to  the                                                                    
Operating Budget, the state was  likely within 10 years of a                                                                    
fully sustainable draw without  additional taxes. He thought                                                                    
that use of the CBR should be discussed further.                                                                                
9:57:57 AM                                                                                                                    
Senator  Bishop  stressed  that  the  model  depended  on  a                                                                    
healthy  mining  and  oil  industry   in  order  to  produce                                                                    
dividends. He  remarked that there should  be an examination                                                                    
of possible production in 2030.                                                                                                 
9:58:47 AM                                                                                                                    
Senator Dunleavy queried the reasoning  of giving .5 percent                                                                    
to the Public School Trust Fund.                                                                                                
Senator   McGuire  responded   that   the   fund  had   been                                                                    
established in 1972,  at .5 percent, and  continued to exist                                                                    
under  the  current bill  with  no  material change  to  the                                                                    
9:59:45 AM                                                                                                                    
Co-Chair  MacKinnon  interjected  that a  past  lawsuit  had                                                                    
resulted  in the  creation  of the  .5  percent royalty,  to                                                                    
fulfill the state's obligation to  the federal government in                                                                    
providing for the people of Alaska through education.                                                                           
10:00:10 AM                                                                                                                   
Senator  Dunleavy asked  whether changing  the amount  going                                                                    
into the fund had ben contemplated.                                                                                             
Senator McGuire  responded that a  change in  the percentage                                                                    
was  not  reflected in  the  legislation.  She thought  that                                                                    
changes  could  be made  to  the  Public School  Trust  Fund                                                                    
10:00:59 AM                                                                                                                   
Co-Chair MacKinnon looked at Slide  13, and wondered whether                                                                    
there  would be  a discussion  of the  logistics surrounding                                                                    
the 2 percent CBR, and how it would be voted on.                                                                                
Mr. Logan explained that the 2  percent of the CBR was drawn                                                                    
from the  ERA, and was a  calculation of the total  value of                                                                    
the CBR. He  furthered that the value of  the dividend would                                                                    
be attached to three things;  the long-term fiscal health of                                                                    
the market (ERA), the short-term  fiscal health of the state                                                                    
(royalties), and  the long-term  fiscal health of  the state                                                                    
Co-Chair MacKinnon  surmised that  was a  calculation rather                                                                    
than a draw.                                                                                                                    
10:02:07 AM                                                                                                                   
Vice-Chair Micciche  looked at  Slide 10, and  remarked that                                                                    
the  PFD was  Alaskan's  share of  oil  wealth. He  wondered                                                                    
whether Alaskans  considered state  services as part  of the                                                                    
royalties from mineral  wealth, or would they  rather have a                                                                    
cash payout.                                                                                                                    
Senator  McGuire  believed  that  Alaskans  understood  that                                                                    
basic  government services  were  important  and were  worth                                                                    
collective support.  She felt that Alaskans  had been uneasy                                                                    
with  the size  of government  and with  the possibility  of                                                                    
smaller dividends.  She thought  that the  campaign launched                                                                    
by  the   legislature  to  educate   the  public   had  been                                                                    
successful. She  said that  most would  like to  continue to                                                                    
receive a dividend.                                                                                                             
10:06:04 AM                                                                                                                   
Vice-Chair Micciche asserted that,  over and above efficient                                                                    
and constitutionally protected  services, services that were                                                                    
subtracting from  dividend wealth  needed to  be determined.                                                                    
He felt  the government  spending needed  to continue  to be                                                                    
Senator  McGuire   relayed  that   the  dialogue   that  had                                                                    
developed   between  the   public  and   leaders  in   state                                                                    
government  would be  helpful in  determining  the size  and                                                                    
cost of state government. She  thought that tracking how the                                                                    
Permanent Fund dollars were affecting the economy could                                                                         
inform the committee's work going forward. She believed                                                                         
that the issue was at the heart of the fiscal conversation.                                                                     
10:10:05 AM                                                                                                                   
Mr. Logan explained the Sectional Analysis (copy on file):                                                                      
     Section 1. AS 37.13.010(a)                                                                                               
          This section amends AS  37.13.010(a) to reduce the                                                                    
          share   of  mineral   lease  rentals,   royalties,                                                                    
          royalty   shale  proceeds,   net  profit   shares,                                                                    
          federal  mineral  revenue  sharing  payments,  and                                                                    
          bonuses  received   by  the  state   from  certain                                                                    
          mineral leases  contributed to the  permanent fund                                                                    
          from 50 percent to 25 percent.                                                                                        
               Previously,  the contribution  rate had  been                                                                    
               set at  50 percent  of mineral  lease bonuses                                                                    
               (except  from  the  Beaufort Sea,  which  had                                                                    
               been left  at 25  percent) and 50  percent of                                                                    
               mineral lease royalties  and net profits from                                                                    
               the Beaufort Sea and  other future sales. The                                                                    
               rate for Prudhoe Bay had been at 25 percent.                                                                     
               The dates listed in  sub-sections (1) and (2)                                                                    
               carve  out the  different geographical  lease                                                                    
               sales  at the  time  of  the Free  Conference                                                                    
               Committee  Report  of   the  Eleventh  Alaska                                                                    
               State  Legislature for  the HCS  for SB  161,                                                                    
               which  chose to  apply different  percentages                                                                    
               to  mineral  lease  rents,  royalties,  etc.,                                                                    
               from each area.                                                                                                  
               The  distinction is  that AS  37.13.010(a)(1)                                                                    
               addresses the Prudhoe  Bay leases, and (a)(2)                                                                    
               addresses the Beaufort Sea leases.                                                                               
     Section 2. AS 37.13.010(a)                                                                                               
          Repealing Section  1. This section reverts  to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 3. 37.13.015                                                                                                     
          This section  creates a new  way to  calculate the                                                                    
          dividend.   Under   this  section   the   dividend                                                                    
          calculation is as follows:                                                                                            
               Drawn from  the earnings reserve-  15 percent                                                                    
               of the  five year  average of the  net income                                                                    
               of the permanent fund                                                                                            
               Drawn  from the  earnings reserve-  2 percent                                                                    
               of  the market  value  of the  constitutional                                                                    
               budget reserve                                                                                                   
               From  the general  fund-  15  percent of  the                                                                    
               money deposited to the  general fund from all                                                                    
               mineral  lease  rents, royalties,  sales  and                                                                    
     Section 4. AS 37.13.140                                                                                                  
          This section does two things.                                                                                         
               First, it  directs the Alaska  Permanent Fund                                                                    
               Corporation  (AFPC) to  determine the  amount                                                                    
               available from  the permanent  funds earnings                                                                    
               reserve that is available for distribution.                                                                      
          It  shall  be calculated  is  4.5  percent of  the                                                                    
          average  market  value  (POMV)  of  the  permanent                                                                    
          fund,  including  the  earnings reserve,  for  the                                                                    
          last  5  fiscal  years immediately  preceding  the                                                                    
          fiscal year just ended.                                                                                               
               Second,  it places  a  revenue limitation  on                                                                    
               the  amount of  the  POMV draw  based on  the                                                                    
               amount of production  taxes and mineral lease                                                                    
               rents, royalties and bonuses.                                                                                    
          If the income  from these sources is  more than $1                                                                    
          Billion then  the POMV draw  will be reduced  on a                                                                    
          dollar per  dollar bases- less  the 15  percent of                                                                    
          rents, royalties, and  bonuses that are attributed                                                                    
          to the dividend under Section 3.                                                                                      
10:12:48 AM                                                                                                                   
Senator  McGuire explained  that philosophical  concepts had                                                                    
to  be put  into  formulas in  complicated  ways, which  had                                                                    
resulted in  several drafting errors  in the bill,  but that                                                                    
she wanted to get the cs to the committee in time for the                                                                       
hearing. She assured the committee that she would work with                                                                     
David Teal, and the committee, to craft a clean bill.                                                                           
Mr. Logan continued to discuss the sectional analysis:                                                                          
     Section 5. AS 37.13.140                                                                                                  
          Repealing Section  4. This section reverts  to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 6. AS 37.13.145(a)                                                                                               
          Directs  the APPC  to  deposit  into the  earnings                                                                    
          reserve  income as  it  is  realized and  received                                                                    
          except  for  the  income   for  deposit  into  the                                                                    
          general fund under Section 12 of this act.                                                                            
     Section 7. AS 37.13.145(a)                                                                                               
          Repealing Section  7. This section reverts  to the                                                                    
         current statute and is effective July 1,                                                                               
     Section 8. AS 37.13.145(c)                                                                                               
          This  section  changes   the  statutorily  defined                                                                    
          mechanism for inflation  proofing the principle of                                                                    
          the permanent fund.                                                                                                   
               Under this  section the AFPC can  transfer to                                                                    
               the  principle  of  the fund  the  difference                                                                    
               between  4 times  the  previous fiscal  years                                                                    
               amount   for   distribution,  determined   in                                                                    
               Section 4,  and the  balance of  the earnings                                                                    
          If the  earnings reserve has 4  times the previous                                                                    
          years' distribution,  the excess  can be  used for                                                                    
          inflation  proofing.  This   ensures  that  before                                                                    
          inflation   proofing  occurs,   there  is   a  4:1                                                                    
          coverage spread for the POMV draw.                                                                                    
          The  amount transferred  shall not  be applied  to                                                                    
          increase the  value of the fund  attributed to the                                                                    
          settlement of State v. Amerada Hess.                                                                                  
10:14:58 AM                                                                                                                   
Senator Hoffman  asked whether the section  included capital                                                                    
and operating monies.                                                                                                           
10:15:09 AM                                                                                                                   
Co-Chair MacKinnon  wondered whether the figures  were based                                                                    
on the Operating Budget or the Capital Budget.                                                                                  
Mr. Logan replied that it was combined general fund money.                                                                      
10:15:27 AM                                                                                                                   
Senator Hoffman  queried the impact  the section  would have                                                                    
on the Capital Budget.                                                                                                          
Senator McGuire  interjected that it could  have a political                                                                    
effect on  the Capital Budget. She  said that realistically,                                                                    
operations  would be  funded first,  but occasional  Capital                                                                    
Budget matches could be made.  She referred to Slide 21, and                                                                    
related  that   if  the  state   reached  $3.5   billion  in                                                                    
production taxes, the bill would  allow for additions to the                                                                    
Capital Budget.                                                                                                                 
10:16:49 AM                                                                                                                   
Senator  Hoffman  understood   that  funding  the  Operating                                                                    
Budget was the first priority,  he felt that section 4 would                                                                    
create significant downward pressure  on the Capital Budget,                                                                    
with no  way for  the legislature to  address the  issue. He                                                                    
worried that there could be no Capital Budget in a decade.                                                                      
Senator  McGuire   agreed  that  adding  a   spending  limit                                                                    
provision would constrain the  legislature's ability to make                                                                    
judgement  calls  about  future  infrastructure  needs.  She                                                                    
relayed that she  had attempted to address the  issue in the                                                                    
previous  committee.  She  felt   that  both  the  Operating                                                                    
Capital Budgets were equally  important. She reiterated that                                                                    
a spending  limit could  decrease the  legislature's ability                                                                    
to make Capital Budget decisions.                                                                                               
10:18:43 AM                                                                                                                   
Co-Chair MacKinnon felt that there  should be an analysis of                                                                    
the AKLNG  in order  to show  the people  of Alaska  how the                                                                    
project would affect the Operating Budget.                                                                                      
10:19:38 AM                                                                                                                   
Mr. Logan continued to discuss the sectional analysis:                                                                          
     Section 9. AS 37.13.145(c)                                                                                               
          Repealing Section  8. This section reverts  to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 10. AS 37.13.145(d)                                                                                              
          Holds  the settlement  of  State  v. Amerada  Hess                                                                    
         harmless from the general fund deposits.                                                                               
     Section 11. AS 37.13.145(d)                                                                                              
     Repealing Section 10. This section reverts to the                                                                          
     current statute and is effective July 1, 2019.                                                                             
     Section 12. AS 37.13.145                                                                                                 
          (e)  Subject  to legislative  appropriation,  this                                                                    
          section  directs the  AFPC to  deposit the  amount                                                                    
          available  for distribution,  under  Section 4  of                                                                    
          this act, into the general fund.                                                                                      
          (f)  The  commissioner  of revenue  may  recommend                                                                    
          adjustments   to    the   percentage    of   money                                                                    
          appropriated to the dividend fund.                                                                                    
          (g) The  commissioner of revenue shall  deliver an                                                                    
          annual  report to  the legislature  evaluating the                                                                    
          sufficiency of assets in  the earnings reserve and                                                                    
          the  amount  projected  for  distribution  to  the                                                                    
          general fund.                                                                                                         
10:20:46 AM                                                                                                                   
Senator  McGuire urged  the committee  to discuss  the issue                                                                    
with the director of the  Permanent Fund Corporation, Angela                                                                    
Rodell. She said that the  section had been adopted from the                                                                    
governor's  plan, and  knew that  Ms.  Rodell had  expressed                                                                    
concerns with the language. She                                                                                                 
10:21:56 AM                                                                                                                   
Senator Bishop wondered whether the proposal would change                                                                       
the investment strategy of the Permanent Fund. He thought                                                                       
that the change could be dangerous.                                                                                             
10:22:22 AM                                                                                                                   
Co-Chair MacKinnon interjected that Ms. Rodell has                                                                              
previously been before the committee, and that future                                                                           
meetings were expected with the corporation.                                                                                    
10:22:41 AM                                                                                                                   
Mr. Logan continued to discuss the sectional analysis, with                                                                     
Section 12, subsection (h):                                                                                                     
          (h) is assumed  to be a drafting  error, and would                                                                    
          only apply on  or after July 1,  2019 when Section                                                                    
          3 is repealed under Section 27 of this act.                                                                           
     Section 13. AS 37.13.300(c)                                                                                              
          Makes a  conforming amendment to clarify  that net                                                                    
          income from  the Mental Health  Trust Fund  is not                                                                    
          included  in the  computation of  income available                                                                    
          for distribution under Sec. 4 of the bill.                                                                            
     Section 14. AS 37.13.300(c)                                                                                              
          Repealing Section 13. This  section reverts to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 15. AS 37.13.031 (c)                                                                                             
          Conforms to Sec  4, so that the net  income of the                                                                    
          Permanent Fund  continues to be  computed annually                                                                    
          as  of  the  last  day   of  the  fiscal  year  in                                                                    
          accordance  with   generally  accepted  accounting                                                                    
          principles,  excluding  any  unrealized  gains  or                                                                    
     Section 16. AS 37.14.031 (c)                                                                                             
          Repealing Section 15. This  section reverts to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 17. AS 43.23.025(a)                                                                                              
          Makes  conforming amendments  for determining  the                                                                    
          value of the dividend under Sec. 3 of the bill.                                                                       
     Section 18. AS 43.23.025(a)                                                                                              
          Repealing Section 17. This  section reverts to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 19. AS 43.23.025                                                                                                 
          Allows  the legislature  to  appropriate from  the                                                                    
          earnings reserve  account an necessary  funding to                                                                    
          maintain  a dividend  amount of  at $1,000  in the                                                                    
          event that  the calculation  determined by  Sec. 3                                                                    
          of this act falls below that amount.                                                                                  
     Section 20. AS 43.23.045(d)                                                                                              
          States    that   unexpended    appropriations   to                                                                    
          implement this  act lapses into the  dividend fund                                                                    
          at the  end of a  fiscal year  and may be  used in                                                                    
          determining   the  amount   of   and  paying   the                                                                    
          subsequent year's dividend.                                                                                           
     Section 21. AS 43.23.045(d)                                                                                              
          Repealing Section 20. This  section reverts to the                                                                    
          current statute and is effective July 1, 2019.                                                                        
     Section 22.                                                                                                              
          Repeals AS 37.13.145(b)                                                                                               
     Section 23. (Sunset Claus)e                                                                                              
          On July 1, 2019, the following are repealed:                                                                          
          AS 37.13.015- New Dividend Calculation                                                                                
          AS  37.13.145(e)  -  Deposits of  available  funds                                                                    
          from ERA to general funds                                                                                             
          AS  37.13.145(f)  -  Commissioner of  revenue  can                                                                    
          recommend changes of percentages to dividend                                                                          
          AS  37.13.145(g) -  Commissioner  of revenue  will                                                                    
          deliver a report to the legislature on assets of                                                                      
          AS 43.23.025(c) - minimum dividend of $1,000                                                                          
     Section 24. Transition:                                                                                                  
          (a) Holds  the 2016 Dividend harmless  and will be                                                                    
          calculated by status quo formula                                                                                      
          (b)  Commissioner of  revenue and  APFC may  adopt                                                                    
     Section 25. Transition:                                                                                                  
          (a) The  2019 Dividend  will be determined  by the                                                                    
          new formula of this  act, regardless of the repeal                                                                    
          language of Section 23.                                                                                               
          (b)  Commissioner of  revenue and  APFC may  adopt                                                                    
     Section 26. Retroactivity                                                                                                
          If  the changes  made  to the  calculation of  the                                                                    
          dividend  and  the  POMV draw  from  the  earnings                                                                    
          reserve account  are not signed  into law  by July                                                                    
          1, 2016, the act is retroactive to that date.                                                                         
               Sec.  1- All  royalties, rents,  bonuses etc.                                                                    
               changed from  25 and 50 percent  deposited to                                                                    
               permanent fund principle, to 25 percent.                                                                         
               Sec. 3- New dividend calculation                                                                                 
               Sec. 4- POMV draw and revenue limiter                                                                            
               Sec.  6- Deposits  from the  earnings reserve                                                                    
               account to general fund                                                                                          
               Sec. 8- new inflation proofing mechanism                                                                         
               Sec  10- Holding  earnings from  Amerada Hess                                                                    
               settlement harmless from general fund                                                                            
               Sec.   12(e)-(g)-   deposits  from   earnings                                                                    
               reserve   account   to   general   fund   and                                                                    
               commissioner of revenue's new duties                                                                             
               Sec. 13  - Holding  mental health  trust fund                                                                    
               earnings  harmless from  the calculation  for                                                                    
               Sec. 15 - Net income calculation for APFC                                                                        
               Sec 17 - appropriation language to dividend                                                                      
               Sec 19 - minimum $1,000 dividend                                                                                 
               Sec 20 - unexpended appropriation for                                                                            
               dividend fund lapse                                                                                              
               Sec 24 - Transition language holding 2016                                                                        
               dividend harmless                                                                                                
     Section 27.                                                                                                              
          Effective date of July 1, 2019- repeals this act                                                                      
     Section 28.                                                                                                              
          Section 24 (2016 dividend held harmless) and                                                                          
          Section 26 (retroactivity) immediate effective                                                                        
     Section 29.                                                                                                              
          Effective date of this act is July 1, 2016                                                                            
10:24:58 AM                                                                                                                   
Senator Hoffman  looked at  Page 4,  section 23;  the sunset                                                                    
clauses. He remarked Section 19  set the dividend minimum at                                                                    
$1000, but that Section 23  would apply a sunset date, after                                                                    
which there were  no minimum number applied  to the dividend                                                                    
Mr. Logan agreed with Senator Hoffman's assessment.                                                                             
10:25:50 AM                                                                                                                   
Co-Chair MacKinnon  wondered why the $1000  minimum would be                                                                    
repealed after three years.                                                                                                     
Mr.  Logan explained  that the  sunset clause  for the  bill                                                                    
would   allow  for   a  review   period,  after   which  the                                                                    
legislature would need  to extend the effective  date of the                                                                    
bill or repeal  the sunset provisions, in order  to keep the                                                                    
program going forward.                                                                                                          
10:26:31 AM                                                                                                                   
Senator McGuire added that the  committee should discuss the                                                                    
issue of a sunset date as they scrutinized the legislation.                                                                     
10:28:08 AM                                                                                                                   
Co-Chair MacKinnon  surmised that the bill  would change the                                                                    
pay  out on  the dividend  for a  period of  time, and  then                                                                    
revert  back to  the  current payment  method. She  stressed                                                                    
that the  legislature could revisit the  statutory change in                                                                    
three years.                                                                                                                    
10:29:30 AM                                                                                                                   
Senator  Olson wondered  whether three  years would  be long                                                                    
enough to relieve the state's financial situation.                                                                              
Senator McGuire replied the issue  was that that now was the                                                                    
time  to  fundamentally  restructure   how  the  budget  was                                                                    
funded.  She did  not believed  that the  program should  be                                                                    
Senator  Olson commented  that Senator  McGuire had  been on                                                                    
the   Senate  Finance   Committee  when   it  had   had  the                                                                    
forethought to put billions into the CBR.                                                                                       
10:31:44 AM                                                                                                                   
Senator  Hoffman  commented  that the  proposed  legislation                                                                    
held harmless  the dividend for  2016, which meant  that the                                                                    
dividend was only reduced for 2 years.                                                                                          
10:32:18 AM                                                                                                                   
Vice-Chair  Micciche  thought  that   it  was  important  to                                                                    
reevaluate the situation in two  years, and not to keep more                                                                    
revenue that  was needed. He  hoped that it looked  like the                                                                    
committee was  taking revenue seriously,  and in a  way that                                                                    
would have the least amount of impact on the public.                                                                            
Senator  McGuire trusted  that the  committee would  work to                                                                    
craft a  balanced and effective  piece of  legislation, with                                                                    
or without the sunset clause.                                                                                                   
10:33:51 AM                                                                                                                   
Co-Chair Kelly  wondered why the legislature  did not follow                                                                    
the    constitutional   spending    limit.   He    hoped   a                                                                    
constitutional lawyer could testify  before the committee on                                                                    
the issue.                                                                                                                      
10:34:44 AM                                                                                                                   
Senator  Dunleavy concurred  with  Co-Chair  Kelly. He  felt                                                                    
that  Section  16  of   the  Alaska  Constitution  discussed                                                                    
capping the budget.                                                                                                             
10:35:44 AM                                                                                                                   
Senator Hoffman  pointed out that there  were Constitutional                                                                    
provisions  that  required  the  state  to  spend  a  larger                                                                    
percentage  on Capital  Projects  than  was currently  being                                                                    
10:36:23 AM                                                                                                                   
Co-Chair  MacKinnon agreed  that the  conversation would  be                                                                    
10:37:31 AM                                                                                                                   
Senator McGuire thanked the committee and committee staff.                                                                      
10:37:46 AM                                                                                                                   
Co-Chair Kelly  remarked that  the price of  oil was  only a                                                                    
proximate  cause for  the state's  fiscal woes.  He lamented                                                                    
that  spending was  too  high, but  also  that "silk  suited                                                                    
lawyers from the East Coast"  had been "beating Alaska down"                                                                    
in the courts  and preventing the state  from developing its                                                                    
natural  resources.  He  added  that  environmentalists  had                                                                    
interfered   with   the   states  development   of   natural                                                                    
10:39:55 AM                                                                                                                   
Vice-Chair   Micciche  was   bothered  by   the  growth   of                                                                    
government. He  hopped that as  revenue increased  the state                                                                    
would be disciplined in its government spending.                                                                                
10:41:02 AM                                                                                                                   
Senator Bishop reiterated the need for deferred maintenance                                                                     
Co-Chair MacKinnon discussed housekeeping.                                                                                      
SB 114 was HEARD and HELD in committee for further                                                                              

Document Name Date/Time Subjects
CS for SS SB 114 Sectional Analysis Version T.pdf SFIN 3/22/2016 9:00:00 AM
SB 114
CS SS SB 114 (STA) Sponsor Statement.pdf SFIN 3/22/2016 9:00:00 AM
SB 114
CS SS SB114 Summary of Changes Version F to Version T.pdf SFIN 3/22/2016 9:00:00 AM
SB 114
SB 114 Letter of Support- Frank McQueary.pdf SFIN 3/22/2016 9:00:00 AM
SB 114
SB 114 supporting Document- APFC Resolution on POMV.pdf SFIN 3/22/2016 9:00:00 AM
SB 114
SB 114 Reducing the Deficit - Investing Alaska's Vast Cash Reserves McGuire.pdf SFIN 3/22/2016 9:00:00 AM
SB 114