SALT LAKE CITY (AP) — Utah’s Permanent State School Fund has posted record earnings, with a balance exceeding $2 billion in fiscal year 2016.
The Deseret News reports (http://bit.ly/2aW22uL ) that state Treasurer David Damschen says the fund grew by $43.9 million, or nearly 8 percent, from last year.
The Permanent State School Fund is Utah’s largest land grant trust fund. Its interest and dividends are distributed to Utah schools each year under the School Learning and Nurturing Development Trust Program.
School councils made up of parents, teachers and principals choose how the money is distributed among academic programs. The plans are then approved by the local boards of education.
Last year, schools received $45.8 million.