State Treasurer Jeff DeWit has overseen the record growth this year of the Permanent Land Endowment Trust Fund, also referred to as the Arizona Schools’ Endowment Fund. The fund reached another new milestone growing to $5.61 billion at the end of June 2017, the end of Arizona’s fiscal year.
“I am so proud of our hardworking staff that our record-breaking streak continues. Our conservative in-house investment management philosophy produces great earnings for schools and taxpayers alike,” Treasurer DeWit said, adding “Record funds distributed while still reaching all-time highs in total market value is proof that we are making Arizona’s finances great again!”
In addition to reaching an all-time high market value, the Endowment distributed $289.9 million to beneficiaries last year, the highest distributed amount in Arizona’s history.
All told, $366.3 million has been paid out to beneficiaries and taxpayers in the 2017 fiscal year. The past three fiscal years have produced more than $830 million in distributions compared to the $721.4 million in distributions for the previous six fiscal years combined.
In addition to the $289.9 million distributed to Endowment Beneficiaries, the Treasurer’s Office earned $40 million for state agencies, $19.5 million for the state’s General Fund, and $16.9 million for Local Governments.
The $5.61 billion Endowment, had a total investment return of 11.25% in the fiscal year ending June 30, 2017 with a 3-year return of 6.5%, a 5-year return of 9.67% and a 10-year return of 6.56%.
While DeWit is increasing Arizona’s assets, his popularity is increasing as well. Efforts to recruit DeWit as a challenger for Sen. Jeff Flake are underway. Flake is one of the three least popular politicians in the country, according to recent polling. According to the popular Republican activist website, MCRC Briefs, “We Want Jeff DeWit for Senate” postcards have been circulating since June.