Sep 20, 2011 3:27 PM by Associated Press (BT)
JUNEAU, Alaska (AP) - Most Alaska residents will soon be getting a check for $1,174 simply because they live there.
Each person's share of the state's vast oil wealth was announced with much fanfare in Anchorage Tuesday. This day is so widely anticipated in Alaska that the announcement of the Permanent Fund Dividend amount was carried live on television statewide.
This year's check is $107 less than last year's amount, which was $1,281.
Voters passed a constitutional amendment in 1976 to establish the Permanent Fund as a way to stretch out the state's oil wealth for future generations. The amount of investment earnings allocated to dividends is based on a five-year rolling average of the fund's performance.
The fund ended the recent fiscal year with a balance of $40.1 billion.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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