ANCHORAGE, Alaska (AP) – The Alaska Permanent Fund grew by more than $6 billion during the state’s 2018 fiscal year, reaching a total value of nearly $65 billion.

The Alaska Journal of Commerce reports that strong market returns have bolstered the fund, gaining by more than 12 percent in 2017 and nearly 11 percent in the fiscal year that ended in June.

The state will make a draw of about 5 percent of market value on the fund’s Earnings Reserve Account to pay down budget deficits and pay dividends.

The draw approved by the state Legislature earlier this year will be about $2.7 billion. About $1 billion will pay dividends of $1,600 to each eligible resident and the remainder will be directed for the state budget.

Information from: (Anchorage) Alaska Journal of Commerce,

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