(Annie Feidt/APRN)

$878: That’s how much Alaskans will get from this years Permanent Fund Dividend.

While $878 may be a handsome sum, it’s still a big drop from last year’s figure of $1,174. Since the PFD was first established 30 years ago, it’s paid Alaskans about $1,100 on average. And in the past decade, Alaskans have even seen checks in excess of $1,500.

State Revenue Commissioner Bryan Butcher was the official who announced the amount in Anchorage this morning. He says that the drop happened because the PFD is based on a five-year formula. If the state’s investments perform poorly one year, it can have ripple effects on subsequents PFDs. And because the stock market crashed in 2008, Butcher says that there’s a particularly big dip this year.

"As long as that year is part of the five-year calculation, it’s going to be a little lower," says Butcher. "Next year’s dividend will be the last year that that down year will be factored in."

In Unalaska, residents are already coming up with ways to spend their PFDs -- most of them practical.

"I would really like a new computer or a ticket to see grandbabies," Judi Ruder commented on KUCB's Facebook page.

Meanwhile, Pat Trinidad says that his money is going to college tuition. And Alena Syverson says her PFD will go to heating fuel, even though shoe shopping would be more enjoyable. In general, residents will be using the state check to offset Alaska's high cost of living.

About 650,000 Alaskans were eligible for PFDs this year. Checks are scheduled to be mailed out October 4.