$57 Million for Trust Endowments in FY2020
Fiscal year 2020 helped SITLA reach $2 billion in total revenue since the agency’s inception in 1994. SITLA manages Utah’s 3.4 million acres of trust lands on behalf of 12 beneficiaries. The agency generates revenue from energy, minerals, real estate, and surface development.
Please see the SITLA FY2020 Annual Report, which includes updates from each business and administrative group, and the renewable energy program. This year, SITLA deposited $57.27 million into the permanent endowments for trust land beneficiaries. SITLA’s contributions helped to grow the endowments to a combined $2.6 billion today.
Utah’s 12 trust land beneficiaries receive annual earnings from their individual endowment. The largest beneficiary, Utah’s public schools, received $82.66 million last school year and $88.83 this school year.
SITLA heard from Utah schools that transitioning from classroom to online learning was made easier in part by trust land funds. Of the $82.66 million in funds distributed to Utah schools last year, School Community Councils chose to spend approximately 25 percent or $20 million to purchase computers and tablets. This computer technology was loaned out to students when the pandemic hit, which allowed them to connect with their teachers and resume learning online.
Utah State Treasurer David Damschen announced annual Permanent School Fund distributions totaled $88.83 million this school year and will top $92 million next year.