The Legislature is in its 10th year of struggling to balance Alaskans’ wishes and wants for a large Permanent Fund dividend with the checkbook reality that is much less than the wants.

It’s been an annual political and fiscal battle ever since Gov. Bill Walker in 2016 bravely cut that year’s PFD in half after legislators had approved an unaffordable dividend while the state budget was in a deep billion-dollar deficit, dug deeper by low oil prices.

Mike Dunleavy, who was then a state senator, vowed to push legislation to undo the governor’s cut.

Dunleavy failed to convince his colleagues to support such a publicity stunt and he later withdrew the legislation. But he saw the political window and opportunity. He convinced Alaskans twice to elect him as governor — in 2018 and 2022 — on a big fat campaign theme of a big fat PFD.

And now, as low oil prices and decades of nonexistent or inadequate taxes push the state back into a painful deficit, Dunleavy is still on his magic carpet of a dividend that rides above all else in the budget.

Thankfully, most legislators this year are turning away from the governor’s irresponsible campaign speeches and turning toward compromise. The state Senate has proposed a $1,000 PFD for this fall, which is less than what many want for their constituents but it’s as much as the budget can afford without pulling several hundred million dollars out of savings.

The House version of the budget includes a $1,400 dividend, and lawmakers will have to negotiate the final number before they adjourn later this month.

Most House members understand that Alaska cannot afford a $1,400 payment without drawing a quarter-billion dollars out of savings or hacking away at public services or imposing a quarter-billion dollars in taxes.

Most legislators would like a large dividend but they know the numbers don’t work. They also know there isn’t an easy or painless option on the table. The best outcome is that sometime before the constitutional adjournment deadline of May 21, House and Senate members pull out their calculators, do the math, count the votes, and realize that $1,000 is probably all Alaska can afford this year.

It’s an affordable compromise. It may not be popular with many Alaskans who want or need more money, but it’s a reasonable balance that accommodates school funding and other public services with the annual dividend. It'll work for this year, at least until Alaskans can face reality and accept a real long-term fiscal plan that includes changes to the dividend and taxes.