PHOENIX – The Permanent Land Endowment Trust Fund will pay a record distribution of $368 million to all its beneficiaries in FY 2020. The distribution is a 6.5 percent increase from this fiscal year’s $345.4 million in distributions.
According to the State Treasurer’s Office, the larger payout, which begins in July 2019, is a product of better investment performance which led to greater Permanent Land Endowment Trust Fund (PLETF) market value.
“One of my most important responsibilities as treasurer is to grow the endowment for all beneficiaries and especially funds directed to current and future generations of our Arizona school children. The Treasury continues to achieve this goal to positively impact Arizona taxpayers,” said Treasurer Kimberly Yee in a press release.
The State Board of Investment met this week and decided that “K-12 schools will receive more than $342 million of the new distribution amount,” according to the Treasurer’s Office. “That number is nearly $21 Million more than this year, or approximately $1.75 million more per month, which is a 6.53% increase over FY 2019.”
Schools across the state will receive nearly $1.75 Million more per month, for FY 2020, noted Yee.
Arizona’s K-12 school system receives about 93 percent of all PLETF’s distributions, which are calculated yearly at 6.9 percent of the PLETF’s 5-year average market value, reports the treasurer’s office. Payments begin in July each year, but the new distribution amount is calculated at the end of the previous calendar year.