From the transcript

That is their choice. The ERA, as you know, as we've discussed, is subject to appropriation, simple majority of the legislature. They could spend a lot more of that money through an appropriation should they choose to. They have chosen to support the collection efforts that lead to royalty deposits going into the permanent fund. It's a legislative decision with the governor's weigh-in about how much should come out of the ERA for the funding code called gross receipts.