Land Board approves increased payouts
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August 22, 2012 |
The State Board of Land Commissioners (Land
Board) on Tuesday approved a 2.8-percent overall
increase in fiscal year 2014 (FY14) financial
distributions over the FY13 payouts from State
Endowment funds, bringing the total FY14
distribution for all Endowment beneficiaries to
nearly $49 million.
The Land Board’s approval of the Endowment Fund
Investment Board’s (EFIB) recommendation will
increase financial distributions in FY14 for six
of the nine Endowment Trusts.
FY14 distributions from the Public School Fund
and the Normal School Fund will remain at the
FY13 levels because their reserves are not yet
at the target level of five years, and FY14
distributions from the Capitol Permanent Fund
have not yet been determined.
“The recommended distributions balance the
interests of current and future beneficiaries,
taking into account the current level of
earnings reserves and expected future fund
revenues,” said Larry Johnson, EFIB manager of
investments.
Beneficiaries of the Endowment Trusts are just
beginning to receive their payouts for the
current fiscal year, FY13, which began in July
2012 and ends in June 2013. The FY14
distributions approved today will be factored
into the budgets the Endowment beneficiary
institutions are putting together now for
legislative approval in 2013. Fiscal Year 2014
starts in July 2013.
The Endowment Trusts provide financial
distributions to 14 legal beneficiaries. The
largest beneficiary is the state’s public school
system. Other beneficiaries include the
University of Idaho, Idaho State Veterans Homes,
State Hospitals North and South, Idaho State
University, Lewis-Clark State College, the Idaho
School for the Deaf and Blind, and others.
The trusts were established at statehood with
land assets granted to Idaho to support the
trusts. Revenue from the Idaho Department of
Lands’ management of more than 2.5 million acres
of State Endowment Trust land feeds the funds,
which are managed by the EFIB and from which
payouts ultimately are made to the Endowment
beneficiaries. |
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