PFD application deadline is next week; state revenue forecasts lower than expected

Alaska North Slope crude oil was estimated to be about $71.62 per barrel on Monday

By Ashlyn O'Hara • March 23, 2023 2:30 am
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The Alaska Permanent Fund Corporation building is seen in Juneau, Alaska, in March 2022. The deadline for the permanent fund dividend is coming up fast, landing on March 31, 2023. (Michael S. Lockett / Juneau Empire)
The Alaska Permanent Fund Corporation building is seen in Juneau, Alaska, in March 2022. The deadline for the permanent fund dividend is coming up fast, landing on March 31, 2023. (Michael S. Lockett / Juneau Empire)

Alaskans have until next Friday to file for their 2022 Alaska Permanent Fund dividend. The Alaska Department of Revenue has already received more than 526,000 applications during the current application period, which opened Jan. 1 and will close at the end of the day on March 31.

Alaskans can apply for their PFD through the state’s online application, which will be available online until next Friday or via a paper application, which must be postmarked by March 31. People who have already applied for their dividend can check the status of their application online at myinfo.pfd.dor.alaska.gov.

Dunleavy last December proposed as part of his first draft of Alaska’s fiscal year 2024 budget the use of $2.4 billion or PFD payments. With that amount, the governor’s office estimated $3,800 payments to Alaskans this fall.

Alaska North Slope crude oil was estimated by the Alaska Department of Revenue to be about $71.62 per barrel on Monday.

The Alaska Department of Revenue’s spring forecast, which was published Tuesday, said state revenue for both the current and upcoming fiscal year is lower than expected due to a lower outlook for oil price and production.

Department Commissioner Adam Crum wrote in a Tuesday letter to Dunleavy that the state’s unrestricted general fund revenue forecast for the current fiscal year, which ends on June 30, was reduced by $246 million, while revenue for the upcoming fiscal year, which begins on July 1, was reduced by $679 million.

The same letter said that the permanent fund is expected to transfer $3.4 billion to the state’s general fund for the current fiscal year and $3.5 billion for the next fiscal year.

“The Spring 2023 Revenue Forecast comes during a time of continued uncertainty due to recent geopolitical and financial events, causing volatile market conditions,” Crum wrote. “It is important to note this forecast represents one plausible scenario within a range of potential outcomes.”

More information about Alaska’s current budget process and revenue forecasts can be found on the state Office of Management and Budget at omb.alaska.gov/fiscal-year-2024-amended-budget.

Reach reporter Ashlyn O’Hara at ashlyn.ohara@peninsulaclarion.com.

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