State land trust pays record $105 million to Arizona schools

State land trust pays record $105 million to Arizona schools

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.

About The Author

Eduardo Santiago joined the FOX 9 and ABC 5 news team in February, 2012. That’s the same year KECY launched its very first local newscast. He has been covering local news in Yuma and the Imperial Valley since his start as a KYMA photojournalist in 2006. During his decade in broadcasting, Eduardo has covered some of the biggest stories in the Desert Southwest – from President Bush’s visit to Yuma, Ariz. to the uncovering of drug tunnels that span the US-Mexico border. One of the most memorable stories Eduardo covered was the 2010 Easter Earthquake that rocked the Imperial Valley, Mexicali, and Yuma. Eduardo, along with his news team, won an award from the Associated Press for best coverage of an ongoing story following the quake. Before he made his move to TV, Eduardo was just a kid born in East Los Angeles, where he spent his early childhood. His parents moved him to Mexicali, B.C. Mexico, where he did most of his elementary school education. He finally landed in El Centro, where he graduated from Central Union High School in 2005. Eduardo is currently a student at Imperial Valley College. You can find Eduardo hanging out in the Imperial Valley and Yuma with his family on any given weekend. His off-screen passion is playing guitar and sports.

Related posts