PHOENIX (AP) – Arizona State Treasurer Jeff DeWit has announced the state’s land trust will pay a record $105 million to schools in the budget year beginning in July.
The amount is a 12 percent increase over last year and the largest paid in the 104-year history of the Permanent Land Endowment Trust Fund.
The $13 billion trust fund uses earnings on investments made from state land sales and leases to benefit K-12 education.
Gov. Doug Ducey wants to take $2 billion out of the land trust over the next decade and give it directly to schools through Proposition 123. DeWit says taking the extra money from the trust now will deprive schools of money in the long run.
DeWit announced the record amount during the State Board of Investment Meeting on Tuesday.
Copyright 2016 The Associated Press.