The Institute of Social & Economic Research

The Alaska Citizen's Guide to the Budget

Financial Assistance
provided by:

Fiscal Policy Council of Alaska

Comparisons
State Assets
Trust Funds
Public Corporations
The General Fund
Enterprises
Administrative Funds
Special Revenue Funds
Investment Management
Index to Funds

 

6. State Assets

State Assets

Alaska has total assets of about $63 billion (Alaska Comprehensive Annual Financial Report for 2001, net of general fixed assets and general long-term debt accounts). The assets are divided among about 150 separately identified funds, all of which have been established for a specific purpose. Most state financial assets are held in a small number of these funds. These largest funds are shown in the first table.

Largest State Funds
(Start of Fiscal Year 2002)

FUND NAME
VALUE OF ASSETS (billion $)
Alaska Permanent Fund
$ 26.608
Public Employees' Retirement
8.097
Constitutional Budget Reserve
6.827
Alaska Housing Finance Corp (AHFC)
4.981
Teachers' Retirement System
4.090
Supplemental Benefit System
1.801
University of Alaska
1.534
Ak Industrial Development and Export Authority (AIDEA)
1.263
Permanent Fund Dividend Fund
1.134
General Fund
1.131
Alaska Energy Authority (AEA)
.800
Alaska Student Loan Corporation
.780
International Airport Fund
.684
All Other Funds
3.024
Source: Annual Financial Report, Alaska Department of Administration, December 2001.

All state funds fall into 6 categories based upon purpose. (These categories do not exactly correspond to those of the accountants.) These categories are shown in the second table.

State Financial Assets
(Start of Fiscal Year 2002)

FINANCIAL ASSET TYPE
VALUE OF ASSETS
(billion $)
TOTAL
$ 62.754
Trust Funds
50.138
Public Corporations
10.032

General Fund Group

1.131
Enterprise funds
1.087
Administrative Funds
.300
Special Revenue Funds
.064
Source: Annual Financial Report, Alaska Department of Administration, December 2001.

The largest of the Trust Funds include the Permanent Fund and Constitutional Budget Reserve, the public employee retirement funds, and other trusts established to benefit particular groups.

Trusts in Billions (Start of Fiscal Year 2002)

TOTAL
$ 50.138
Alaska Permanent Fund
26.608
Constitutional Budget Reserve
6.827
Permanent Fund Dividend Fund
1.134
Public Employees' Retirement
8.097
Teachers' Retirement
4.090
Supplemental Benefit System
1.801
Deferred Compensation
.406
Unemployment Compensation
.218
Ak Mental Health Trust
.337
Public School Trust Fund
.287
Exxon Valdez Oil Spill Trust
.131
All Other Trusts

.202

Source: Annual Financial Report, Alaska Department of Administration, December 2001.

The Public Corporations (including the University of Alaska) have combined assets of $10 billion, most of which has been put to work in the form of physical infrastructure or investments.

Public Corporations in Billions
(Start of Fiscal Year 2002)

TOTAL
$ 10.032
AHFC
4.981
University of Alaska
1.534
AIDEA
1.263
Alaska Energy Authority
.800
Ak Student Loan Corporation
.780
Alaska Railroad
.251
Alaska Municipal Bond Bank
.245
Ak Science and Technology Foundation
.113
Alaska Aerospace Development Corporation
.067
Source: Annual Financial Report, Alaska Department of Administration, December 2001.

Most of the smaller funds are really just separate accounts within the state General Fund—the state's primary operating fund—and have been established as sub-funds to keep track of money collected for particular purposes, although not obligated by law for those purposes.

The Enterprise Funds are funds for accounting for the business-type activities of some state departments that are financed primarily through user fees.

Enterprise Funds in Billions
(Start of Fiscal Year 2002)

TOTAL
$ 1.087
International Airports Fund
.684
Alaska Clean Water Fund
.135
Commercial Fishing Revolving Loan Fund
.111
All Other Enterprise Funds
.157
Source: Annual Financial Report, Alaska Department of Administration, December 2001.

There are 3 categories of funds set up primarily for Administrative purposes to account internally for the proceeds of bond sales, to hold debt service payments, and to account for the payment for services by one state agency to another.

There are a limited number of Special Revenue Funds that by law can only be used for specific purposes.

The number of funds is constantly changing in response to state needs. For example, when bonds are sold for a new purpose, a new fund will be established to hold the proceeds until they are expended.

Management of state financial investments is primarily the responsibility of the Treasury Division of the Department of Revenue and the Alaska Permanent Fund Corporation, on behalf of each of the individual funds.

Keeping track of all these funds—Index.

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Page Updated April 16, 2003

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