PHOENIX – Across the state, many classrooms remain closed to students, yet will all likely see an increase in funding.
The increase stems from a record distribution of $399.8 million to all Permanent Land Endowment Trust Fund (PLETF) beneficiaries in FY 2022. The amount is a 3.9% increase from this fiscal year’s $385 million in distributions.
According to the Arizona Treasurer’s Office, the larger payout, which begins in July 2021, is a product of improved investment performance which led to increased PLETF market value. In fact, in January of this year, the Endowment
surpassed $7.1 billion for the first time in state history.
As approved by the State Board of Investment during its meeting last week, K-12 public schools will receive more than $372 million of the new distribution amount. That number is nearly $14 million more to schools than this year, or approximately $1.17 million more per month.