Yukon Territory plans to create permanent fund

by The Associated Press

The Yukon Territory will be getting a $42 million windfall from the Canadian government, some of which it plans to deposit into an Alaska-style permanent fund. The Yukon receives money from the Canadian government each year under a formula financing funding arrangement.

Yukon Premier Pat Duncan said the territory has been underpaid since 1996, creating the windfall. At least $10 million of that will be going into a heritage fund for the territory.

The government will be asking Yukon residents for their ideas about how the money should be spent, Duncan said.