HB 300 Hearing and Public Testimony this Week
This week, my bill to restructure the State's POMV draw from the Permanent Fund will be getting hearings in the House Finance Committee. This bill creates a new statute for a PFD formula to ensure that dividend payments to Alaskans are viable into the future and that the Permanent Fund continues to grow. The POMV draw is now our primary source of state funding, and oil revenue is highly volatile and has been in steady decline.
HB 300 uses the POMV structured draw as the source of funding for essential state services. These areas of funding are K-12 education, the University of Alaska, the Capital Budget, and a Community Dividend program that is an extension of the existing Community Assistance fund.
The breakdown is as follows:
- 40% to fund K-12 education,
- 10% to the University of Alaska,
- 10% to the capital budget,
- 10% to an updated community assistance program.
- 30% split 50/50 between
- The General Fund
- Permanent Fund Dividends
The first hearing on HB 300 will be today, March 10, from 1:30-3:30pm. Later this week, the committee will be taking public testimony on the bill, and this will provide an opportunity for individuals and stakeholder groups to testify. Public testimony on HB 300 is scheduled for Thursday, March 13 from 1:30pm-3:30pm, with additional time tentatively scheduled for 5:00pm on Thursday as needed.
To testify, please visit the Fairbanks LIO in the 3rd Floor of the AlaskaUSA building (next to Home Depot) or call 844-586-9085 to testify remotely. When you call the teleconference number, ask to be directed to the House Finance committee and listed as available for public testimony.