Skip to main content

Video Clips

Quoted moments from Alaska public meetings, hearings, and press conferences.

Clips from Alaska Permanent Fund CorporationClear
0:06
Deven Mitchell“Why don't we say October 31st, just for—. That would be maximum.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:52
Ethan Schutt“I'm excited personally about this step in the transparency and governance of the organization, and I fully support the notion of having a benchmarks committee in the structure to review annually and review any proposed changes to benchmarks, which ultimately is reserved to this Board for the ultimate decision, but as a working body to review those on an annual basis and then make recommendations for changes, if any. I think it's a critical step, and given the nature of how benchmarks can incentivize behavior by investment teams and staff and/or reward them with their near-annual performance bonuses.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:19
Jason Brune“we'll look forward to seeing those recommendations on October 31st.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:09
Jason Brune“Uh, Trustee Schutt and Trustee Binkley, is that friendly? Yes, it is. Trustee Binkley? Yes, it is. Okay, so that's a friendly amendment.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:09
Ethan Schutt“I, I would make a, a motion to approve the charter that's in the packet.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:29
Ethan Schutt“this, this is how we ensure that the benchmarks are appropriate and fair and don't ultimately create incentives to do the wrong thing for staff and reward staff for doing the right thing. So like I said, committee approved it and recommends it to this toll board, and I'm excited that this step in our governance and the transparency.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:04
Jason Brune“Chair Brody? Yes. Motion carries.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:21
Deven Mitchell“for this initial or inaugural year, because of the timing mismatch, that The charter discusses proposals being due by September 30th, but that date's already passed, and we do have some identified adjustments to some of the asset class benchmarks that we would like to examine this fall.”

APFC Board of Trustees Annual Meeting - Nome - Day 2 ·

0:07
Jason Brune“A little background, we obviously will be transitioning governors this December.”

APFC Board: APFC BOT September Regular Meeting ·

0:36

Scott Jones

“So for FY28, we are continuing the process that I believe was started last year. Um, and asking for your full approval of this, of the budget at this meeting, um, rather than at the annual meeting.”

APFC Board: APFC BOT September Regular Meeting ·

0:08

Scott Jones

“One other item I would note here is an increment of $50,000, which we have built in for board software to help out with meetings.”

APFC Board: APFC BOT September Regular Meeting ·

0:23
Ryan Anderson“it's a very modest increase in a budget considering the investment management piece of it, and I think it's been very well thought out.”

APFC Board: APFC BOT September Regular Meeting ·

0:13

Scott Jones

“a draft of this budget was sent to Commissioner Earls on August 14th. And if the board prescribes any changes to the budget here today, staff will communicate those to OMB and Department of Revenue.”

APFC Board: APFC BOT September Regular Meeting ·

0:15

John Binkley

“Please don't consider giving me another device in whatever you do. Maybe for other people, but I've got enough devices. So whatever it is, make it work with my existing devices.”

APFC Board: APFC BOT September Regular Meeting ·

0:15

Scott Jones

“So overall, the proposed budget has a 2.5% or $5.3 million increment over the approved FY27 budget.”

APFC Board: APFC BOT September Regular Meeting ·

0:22
Jason Brune“the trustees are formally asking Devin and his team to put together an AI policy that will show the trustees' support for AI being implemented, but also the necessity for ensuring our data is protected and kept confidential.”

APFC Board: APFC BOT September Regular Meeting ·

0:30

Scott Jones

“We have replacement of our 33-year-old data center cooling system, which is a one-time cost included here, as well as one-time cost for AI consulting.”

APFC Board: APFC BOT September Regular Meeting ·

0:24
Jason Brune“You indicated that on August 14th, this budget was transmitted to Commissioner Earls and DOR. Were any changes made from the— I know there were some changes that were made from input from trustees during our side conversations”

APFC Board: APFC BOT September Regular Meeting ·

0:23
Ryan Anderson“If there was something where we spent some money, the one thing I'd be careful of is technology changes so fast. So if we buy a device and then it's not good in 6 months or whatever, you know, I just I just don't think that's a good use of money.”

APFC Board: APFC BOT September Regular Meeting ·

0:07

Jennifer Lucas

“Trustee Binkley? Yes. Motion carries. It's unanimous.”

APFC Board: APFC BOT September Regular Meeting ·

0:14
Melissa Beedle“we believe that the financial statements conform with generally accepted accounting principles. And we have one uncorrected misstatement that we'll discuss. It relates to timing and is something that we expected to have.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:20
Melissa Beedle“We also didn't identify any illegal acts or fraudulent activity by your management team.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:11
“overall, assets increased by about $8.2 billion from the end of FY25 to the end of FY26.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:20
“you can see the $535 million of royalties coming in, the PUMV transfer going out for a net change in fund balance of $6.8 billion. So you add that to the beginning balance of $85.1 to come to the $91.9 that we ended FY26.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:07
“We ended the year with accounting net income of $10.1 billion.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:22
“There's the $4 billion for the FY '27 general fund transfers that has been committed. It's been set aside from the realized earnings, and then leaving $10.6 billion in realized earnings and then an allocation of $3.5 billion of unrealized gains.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:18
“at the end of June, we had 10 points $6 billion in realized earnings that was uncommitted that would be available for appropriation.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:43
Jason Brune“Left us in a really good position to be able to commit the FY '27 general fund transfer amount and also set aside the amount for the inflation-proofing, estimated inflation-proofing.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:11
“Total fund balance increased by $6.8 billion to end the year at $91.9 billion. Obviously a high mark so far.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:22
“So netting that against our revenues leaves the accounting net income of $10.1 billion for the year.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:35
“we take the $10.1 billion in GAAP net income, subtract the $1.8 billion that were the unrealized gains that were experienced in the portfolio, the $41 million that we're sending to ACIF to come to the $8.2 billion of statutory net income, which you can see is significantly higher than FY25”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:23
Beth Stuart“it was about a $300 million increase in that lag reporting that would be in the financial statements if they had been received prior to that August 18th cutoff. Instead, this value will be in the FY '27 financial statements. So it's just timing”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

1:21
“This is a, just a visual representation of the components of fund balance, $91.9 total on June 30th.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:38
“We collected $535 million in mineral revenues into the corpus. That's a little bit higher than last year and ahead of the spring revenue forecast. And we made 12 transfers to the general fund under the POMB construct totaling $3.8 billion in the year. Total return was 12.42%”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:12
Melissa Beedle“We intend to issue an unmodified or clean audit opinion, which is the the best audit opinion you can get.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:18
“Total return was 12.42%, which in absolute terms is a very healthy, healthy return. There's only been a handful of times over the past 20 years that, that the fund has exceeded that full return.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:25
“On 6/30, we were carrying nearly $18 billion in unrealized gains across all asset classes. The green lines— they look green up there— the green lines here represent the liquid asset classes. So those gains are easily realized”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:49
“We ended the year with accounting net income of $10.1 billion. And that was about 30% higher than for FY25. And it was actually the second highest level experienced by the fund ever in the history.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:16
“at the end of June, we had 10. $6 Billion in realized earnings that was uncommitted that would be available for appropriation.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:23
Chris Poag“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.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:11
“Total fund balance increased by $6.8 billion to end the year at $91.9 billion. Obviously a high mark so far.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:22
Melissa Beedle“We also didn't identify any illegal acts or fraudulent activity by your management team. We do design our audit to identify any material misstatements that might be caused by fraud, in particular management override of internal controls. And we didn't identify any, any matters of that sort.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:22
“it's important to understand that about 46% of those gains actually sit in asset classes where the gains won't be realized in the short term.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·

0:12
Melissa Beedle“We intend to issue an unmodified or clean audit opinion, which is the the best audit opinion you can get.”

APFC Board: APFC BOT Ethics, Audit, and Cybersecurity Meeting ·