Speaker clarifies story

Letter to the Editor

Posted: Tuesday, December 19, 2006

I am pleased that the Peninsula Clarion covered the presentation I made to the Soldotna Chamber of Commerce last week on the Permanent Fund’s history, structure and current performance. However, a couple of errors appeared in the story, as well as some inaccurate representations of the proposed percent of market value (POMV). I would like to correct two of them.

First, the story attributed a quote to me that I did not make, that POMV would level out payments between periods of high and low earnings. While it is true that under POMV the amount available for Legislative appropriation would be more stable from year to year, I did not make this point during my speech.

Also, I believe that the phrase in the story that states that under POMV “the entire fund — earnings and principal — would be available for spending” leaves the impression that under POMV the permanent fund would be less protected from appropriation. This is not the case. Under POMV, the permanent fund would be better protected from overspending than under the current structure.

We appreciate the opportunity to inform and educate Alaskans about the permanent fund and POMV, particularly in this important year — the 30th anniversary of the fund. We would urge all Alaskans to go to our Web site, apfc.org, for more information.

Michael Burns

Chief executive officer

Alaska Permanent Fund Corp.

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