The amendment, supported by over 70% of Utah voters, raises the cap on annual distributions from the Permanent State School Fund to public schools from 4% to 5%.
The budget boost won’t be financed by taxpayers, because the Permanent State School Fund isn’t taxpayer-funded.
The fund instead stems from the federal Enabling Act, which Congress passed in 1894, granting millions of acres of land — known as Trust Lands — to Utah. The agreement requires revenue from business activities on these lands to be invested. Those earnings are then distributed among 12 key areas, including public education, health services and other state institutions.
According to a Thursday news release from the Trust Lands Administration, a total of $117.9 million will be shared among the beneficiaries next year with the bulk of that — $111.3 million — going to public schools.
Read the full story at sltrib.com.
This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aims to inform readers across the state.