Key Performance Indicators
Department of Revenue
Mission
The mission of the Department of Revenue is to collect, distribute and invest funds for public purposes. Alaska Constitution Article 9; AS 25.27, AS 37, AS 43
Key Performance Indicators
FY2023 Management Plan as of 05/30/2023 (in thousands) | |||||||||
Department of Revenue Totals | Funding | Positions | |||||||
UGF Funds | DGF Funds | Other Funds | Federal Funds | Total Funds | Full Time | Part Time | Non Perm | ||
$27,201.1 | $3,219.5 | $370,920.2 | $175,591.4 | $576,932.2 | 826 | 24 | 18 |
|
2: |
Funds Distribution
Distribution activities for the Department of Revenue include but are not limited to: Permanent Fund Dividend Division distribution of Permanent Fund Dividends to eligible Alaskans, Child Support Services distributing payments to the custodial parent, and Tax Division distributing shared taxes to communities. |
Funding | Positions | ||||||
UGF Funds |
DGF Funds |
Other Funds |
Federal Funds |
Total Funds |
Full Time |
Part Time |
Non Perm |
||
$4,579.1 | $1,063.9 | $52,891.4 | $70,384.7 | $128,919.0 | 284 | 11 | 6 |
- Target: Increase disbursements of child support payments by 0.5%.
- Target: Maintain or reduce administrative costs from year to year.
- Target: Increase Senior Housing units
- Target: Increase Multi-Family units
3: |
Funds Investment
Funds Investment activities for the Department of Revenue include but are not limited to: Permanent Fund Corporation investment of the fund, Treasury and Alaska Retirement Management Board (ARMB) investment of the state"s funds and retirement systems, and Alaska Mental Health Trust Authority (AMHTA) and Alaska Housing Finance Corporation (AHFC) cor |
Funding | Positions | ||||||
UGF Funds |
DGF Funds |
Other Funds |
Federal Funds |
Total Funds |
Full Time |
Part Time |
Non Perm |
||
$1,380.4 | $998.8 | $273,151.9 | $20,580.4 | $296,111.6 | 134 | 3 | 4 |
- Target: For the funds under the fiduciary responsibility of the Commissioner of Revenue, exceed the applicable 1-year target returns.
- Target: A long-term 5% real rate of return
- Target: Formal visit, bond issue update, or updated document template sent or presented to ratings agencies at least four times per year.
- Target: 100% of new financings will result in savings or diminished administrative effort.
4: |
Safety for Alaskans
The Long Term Care Ombudsman is located with the Alaska Mental Health Trust Authority and performs investigations of complaints regarding Alaskans in long term care who may be experiencing a negative care situation. |
Funding | Positions | ||||||
UGF Funds |
DGF Funds |
Other Funds |
Federal Funds |
Total Funds |
Full Time |
Part Time |
Non Perm |
||
$532.7 | $0.0 | $419.0 | $0.0 | $951.7 | 6 | 0 | 0 |
Performance Detail
Priority 1: Funds Collection |
Target #2: 90% of existing taxpayers file their tax returns and make tax payments timely..
TRMS has a public facing component which allows taxpayers to file and make payments online. The Tax Division has had great success with this system and believes it is a factor in the performance reported. Target Last Modified: 11/01/2022 |
Target #3: Increase child support collections by 1.0%, to include Permanent Fund Dividend collections..
The division did meet the target of a 1% increase over FY2021. This is due to the ending of the CARES stimulus payments as well as the increased Unemployment Insurance Benefit payments. This is an increase from where the division was prior to the CARES stimulus funds and collections will normalize over the next reporting period. The goal for the next fiscal year remains a 1% increase. Target Last Modified: 11/02/2022 |
Target #4: 1,000 hour increase in audit hours over prior year..
The Tax Division strives to increase its year-over-year audit hours in an effort to be more efficient with its time and spend auditor time on things that will generate the greatest benefit to the State. The Tax Division began design and development of its TRMS in April of 2013. In order to ensure that implementation was successful, the Tax Division deliberately cut back on the number of audits conducted and diverted those resources to the implementation of TRMS. Full implementation of TRMS was completed in February of 2016. The project took a lot of our audit staff time in design and testing at various stages. The decrease in audit hours in FY2013 - FY2015 is a result of diverting resources to TRMS. The decrease in hours in FY2017 - FY2018 can partially be explained by the fact that there have been significant changes in the oil and gas production tax regime which has required programming changes to TRMS. The oil and gas production tax and corporate income tax Audit Groups remain current on all oil and gas audits. This past year resulted in a slight decrease in overall audit hours. This decrease is primarily due to vacant positions and challenges in recruitment. The expectation is that these numbers will reverse and increase for the next annual period. Target Last Modified: 11/01/2022 |
Priority 2: Funds Distribution |
Target #1: Increase disbursements of child support payments by 0.5%..
Due to the CARES Act and enhanced unemployment payments ending, overall collections decreased by 5.07% while disbursements decreased 4.40%. This is still a substantial increase from where we were before the CARES Act funding was implemented. The collections are normalizing and will continue to do so. The division is focused on improving processes and implementing technology to meet our target increase of 0.5% in child support disbursements. Target Last Modified: 11/02/2022 |
Target #2: Maintain or reduce administrative costs from year to year..
Target Last Modified: 11/01/2022 |
Target #3: Increase Senior Housing units.
Senior housing remains a high priority for the Corporation. While funding for senior housing has remained stable in recent years, the Alaska senior population continues to grow. This places a demand on communities throughout the State to fund the growing gap between housing need and availability, in a market where there is also a gap between the rents achievable and the cost of building new senior housing units. Note: Although AHFC provides mortgage financing for assisted living facilities, those developments report beds rather than units; consequently, the data above excludes AHFC mortgages to assisted living properties. Target Last Modified: 10/06/2022 |
Target #4: Increase Multi-Family units.
Target Last Modified: 10/06/2022 |
Priority 3: Funds Investment |
Target #1: For the funds under the fiduciary responsibility of the Commissioner of Revenue, exceed the applicable 1-year target returns..
Target Last Modified: 11/01/2022 |
Target #2: A long-term 5% real rate of return.
The Board of Trustees" long-term investment objective for the Fund is to generate total returns in excess of Inflation/CPI plus 5%, with acceptable levels of risk. The Board has defined an approved risk guideline to delineate the absolute and relative risk staff may take to achieve these investment objectives. The Fund is invested across eight asset classes in both public and private markets to achieve this goal. The portfolio is designed to deliver compelling long-term returns under a variety of potential market conditions. The Alaska Permanent Fund"s (APFC) long-term rolling 10-year Real Rate of Return for the fiscal year period (FY) 2013-2022 was 7.0% with an inflation rate of 1.9%, and the Total Rate of Return for the same period was 8.9%. The Fund"s annualized total return for 38.5 years, ended June 30, 2022, was 8.8%. For FY2022, the Fund ended the year with a value of $76.3 billion in assets under management (AUM). This is comprised of $60.2 billion in the Principal of the Fund and $16.1 billion in the Earnings Reserve Account (ERA). The portion of dedicated State of Alaska revenues deposited into the Fund"s Principal (or "corpus") is based on mineral prices and production. In FY2022, this amount came in at $549 million, well above FY2021"s deposits of $320 million. Target Last Modified: 11/01/2022 |
Target #3: Formal visit, bond issue update, or updated document template sent or presented to ratings agencies at least four times per year..
Target Last Modified: 11/01/2022 |
Target #4: 100% of new financings will result in savings or diminished administrative effort..
Target Last Modified: 10/06/2021 |
Priority 4: Safety for Alaskans |
Target #1: 90% of all complaints received by the LTCO program are resolved to the satisfaction of the resident or their representative..
Who filed complaints to the LTCO program in FFY 21: 48% of complaints received were from residents in facilities; 19% of complaints were reported by resident representatives, or family members; 14% of complaints were initiated by representatives of other agencies and all other complaints came from facility staff, friends of residents and other concerned citizens of the community. Target Last Modified: 11/01/2022 |
Last refreshed: 05/30/2023 05:00 pm