Alaska will pay nearly every one of its residents $878 next month as an annual dividend from the state's oil-wealth trust fund, the lowest yearly amount since 2005, state officials said on Tuesday.
The reduced payout, announced by state Revenue Commissioner Bryan Butcher, reflects stockmarket losses in recent years, as the dividend is calculated using a five-year weighted average of investment earnings.
The dividend is lower than the $1,174 paid out last year and is the lowest since each Alaskan got $845.76 in 2005. The highest dividend paid was in 2008, when the state paid $2,069.
Seasoned Alaskans are unlikely to be fazed by this year's drop in dividend value, one expert said.
The Alaska Permanent Fund was established through a 1976 amendment to the state constitution. The fund collects a portion of state royalties from North Slope oil fields, which began producing in 1977.
The fund is currently valued at $42.68 billion, according to state officials.
