PHOENIX — As Arizona students begin a new school year, Arizona Treasurer Kimberly Yee announces that Arizona K-12 education will receive $342 million in FY 2020 from investments made from the Permanent Land Endowment Trust Fund (PLETF). The K-12 education system will receive $21 million more in distributions than in FY 2019 from the State Treasurer.
“I understand the importance of investing for our children. I am the daughter of a retired public school teacher who taught in Arizona schools for 38 years, so I know money matters in every classroom across our great state,” said Yee. “I’m proud that we are increasing our distributions by $21 million more than last year and schools will receive $342 million new dollars this year from my office.”
Arizona schools will see an increase in distributions of approximately $1.75 million more per month than what was distributed in FY 2019.
Under the leadership of Yee, the PLETF distributed $189 million to K-12 education in her first seven months in office and increased monthly distributions to K-12 education in July 2019 from $26.8 million per month to $28.5 million per month.
“Our outstanding investment team at the Arizona Treasury has stayed committed to our core principles of ‘safety, before liquidity, before yield’ since we started investing in stocks for the program 20 years ago.
“As you can see, these safe and steady investments have certainly paid off,” Treasurer Kimberly Yee said. “This is a huge win for education in Arizona.”
The Permanent Land Endowment Trust Fund was established at Arizona’s statehood. When Arizona’s K-12 education designated trust land is sold, the Arizona Treasury invests the proceeds in the PLETF. Of the 13 beneficiaries, K-12 education is the largest recipient of the funds with 93 percent of trust lands set aside for education.