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  • Governor to Sign Bill Guiding Management of $1.87 Billion School Account
    by kcsg.com news
    Published - 06/12/14 - 11:44 AM | 0 0 comments | 28 28 recommendations | email to a friend | print
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    (SALT LAKE CITY, Utah) - In a ceremony Tuesday, June 17 at 3:15 p.m. in the Gold Room at the Utah State Capitol Building, Governor Gary R. Herbert, joined by representatives from Utah’s education community, will sign HB168 and HCR4.

    Representative Mel Brown, chief sponsor of the bills, the Utah Board of Education, the Utah PTA, and other beneficiaries of Utah’s 3.4 million acres of trust lands will be in attendance.

    HB 168, entitled School and Institutional Trust Lands and Funds Management Provisions, establishes the School and Institutional Trust Fund Office, along with a board of trustees and a director of the office, to oversee management of the $1.87 billion Permanent School Fund and other proceeds, revenue, and assets.

    The governor will also sign HCR4 Concurrent Resolution Marking 20 Years of the School and Institutional Trust Lands Administration (SITLA). The success of the SITLA business model is often referenced in the debate over state-federal lands ownership. Since 1994, the Administration has generated $1.4 billion for its beneficiaries and contributed $1.3 billion to the Permanent School Fund. http://le.utah.gov/~2014/bills/static/HCR004.html.

    Revenue generated by SITLA is deposited into the permanent funds of beneficiaries and interest income from the funds is distributed annually to beneficiaries.

    Since 1994, more than $300 million has been distributed by the School LAND Trust Program to individual schools through their school community councils. Utah’s public schools received $37.4 million from the trust in the 2013-14 school year.

    Over the past 20 years, the Trust Lands Administration has contributed more than $1.4 billion to these beneficiaries:

    Public schools…………………………………………………$1.3 billion

    Miners Hospital at the University of Utah Medical Center...$42.6 million

    Utah Schools for the Deaf and the Blind……………………$18.8 million

    University of Utah……………………………………………..$14.7 million

    Division of Water Resources………………………………..$9.6 million

    Utah State University……………………………………..….$5.4 million

    Division of Facilities Construction and Management…..…$4.5 million

    College of Mines at the University of Utah………………...$4.5 million

    Utah State Hospital…………………………………………..$4.4 million

    Division of Juvenile Justice Services……………………….$1.3 million

    Colleges of Education………………………………………..$5 million

    University of Utah, Dixie State University, Southern Utah University, Utah State University, Utah Valley University, and Weber State University

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