The government of Alaska will reveal the full amount that residents are set to receive from the state’s oil wealth fund this week.
According to KTUU, Alaska’s government will announce the exact amount residents will receive from the Alaska Permanent Fund on Friday.
The checks are expected to be about $1,000 per resident.
According to KTUU, a multi-billion budget shortfall this year prompted Governor Bill Walker to cut the amount of money to be appropriated for the payments in half.
According to the Associated Press, Alaska state senator Bill Wielechowski, of Anchorage, and former state senator Rick Halford filed a lawsuit earlier this month challenging the payment cuts.
The lawsuit is seeking a court order that will force the Permanent Fund to transfer the full $1.4 billion initially earmarked for the payments by the state’s legislature, the Alaska Dispatch News said.
The payments were initially slated to be about $2,100 per resident before the cuts.
In response to the lawsuit, the Alaska Permanent Fund Corporation said it “transferred the amount authorized by the appropriation, just as APFC has done for the past three decades.”
The Corporation Fund transferred $695,650,000 to the dividend fund on August 1 as specified in the state’s fiscal year 2017 operating budget.
“Any amount in the earnings reserve not transferred this year to pay dividends remains invested alongside the principal of the Permanent Fund,” the Fund Corporation said.
The state’s budget deficit is currently estimated at about $3.2 billion, Walker told the AP in a statement.
Last year, residents received a record-high payment of $2,072 payment, up from just over $1,800 the previous year.
Residents will begin receiving their checks in early October.
The Alaska Permanent Fund had an unaudited market value of $54.17 billion as of September 19.
The payment amounts are calculated using a formula that averages the fund’s earnings over a five-year period.
Residents must live in Alaska for a full calendar year before they are eligible to receive payments.