Governor Sean Parnell announced today the 2014 Permanent Fund Dividend would be $1,884 ­– more than double last year’s amount.

The first dividends will be paid Oct. 2 for the approximately 510,731 applicants who signed up to receive direct deposit into their bank account. Another 88,186 residents will be mailed a check, according to a press release from the office of the Governor.

A total of 674,538 Alaskans applied for the dividend this year, which means a total distribution of $1.1 billion. The state saw an increase of approximately 1,587 applicants from 2013, according to the release.

The Pick.Click.Give. program had 26,850 applicants go online and pledge 44,693 to charity, totaling approximately $2.8 million. That’s the highest total since the program began six years ago.

The dividend fund has seen a 71 percent increase since 2009 when the recession saw a balance under $30 billion. By June 30, 2014, the fund had grown to $51.2 billion. In 2013, eligible Alaskans received a check of $900.

“I want to congratulate the staff and trustees of the Permanent Fund Corporation on meeting the financial challenges of the last 5 years and for building Alaskans’ fund into a legacy we can all be proud of. I also want to extend my thanks to the Department of Revenue staff who processed the many applications,” Governor Parnell said. 

This year is the 33rd dividend paid to Alaskans. An individual who qualified for all of the dividends to date has received $37,027.41. Following the 2014 dividend payment, the total funds paid to Alaskans since inception of the dividend program, will total more than $21.9 billion.