The Alaska Permanent Fund Corp.’s top executive, Angela Rodell, is asking whether the corporation’s trustees are committed to the corporation’s independence.
Rodell raised the questions last week after a trustee proposed cutting the amount paid to staff in the annual budget. The state-run corporation manages the multi-billion Alaska Permanent Fund.
Rodell asked trustees whether their committed to building the corporation’s capacity to manage its investments using its own employees. But she said the issues are larger than the budget.
“Should we continue to be building this agency, or is it time to put our hands up and go, ‘Maybe it’s time to shrink this. Maybe it’s time to move it over, back to Department of Revenue,'” she said. “And how do we think about that? So it’s bigger, it’s more philosophical. It’s just trying to understand where we want to go with this organization.”
RELATED: The final amount for Alaskans’ PFD this year is $1,114
Two members of Gov. Mike Dunleavy’s cabinet who are trustees — Revenue Commissioner Lucinda Mahoney and Natural Resources Commissioner Corri Feige — voted against the corporation’s budget proposal.
Mahoney had wanted to cut $900,000 in employee pay from the $218 million proposal.
The budget had been prepared by corporation staff members and had been discussed by trustees in previous meetings.
Mahoney would have eliminated $600,000 of a proposed $1.6 million that could be paid to permanent fund employees as incentives for reaching certain goals. And it would also eliminate two new positions proposed in the budget.
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Mahoney questioned whether two new positions were needed, since they would work on the corporation’s operations and wouldn’t manage investments. She said she was concerned about the “optics” of paying corporation employees more during a period in which the Legislature has paid for smaller PFDs than what would be paid under the formula in a 1982 state law.
“It’s difficult for me to support that in a time where we have had exceptional improvement, exceptional increase in the value of the permanent fund. And we have many citizens in our community who are receiving a dividend that is significantly less than the statutory amount,” she said.
The board did not adopt Mahoney’s proposal before passing the budget.
The permanent fund has grown from $51 billion dollars to nearly $81 billion during Rodell’s six-year tenure.
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October 04, 2021 at 10:32PM
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Permanent Fund Corp. CEO raises questions after trustee proposes cutting staff pay - Alaska Public Media News
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