Arizona Treasurer Kimberly Yee | Facebook
Arizona State Treasurer Kimberly Lee announced a record $385 million payout to beneficiaries in the 2021 Fiscal Year from the Permanent Land Endowment Trust Fund (PLETF).
K-12 schools will receive more than $385 million of the funds. This is $15.8 million, a 4.5 percent increase, more than the 2020 Fiscal Year. It is an increase of about $1.3 million per month. This year the endowment paid $368 million to schools.
The funds will be distributed starting in July, pending approval from the State Board of Investment.
PLETF is an endowment fund where proceeds from sales of Arizona land are deposited and then redistributed to K-12 schools, universities, state hospitals and state prisons.
The increase in funds is attributed to better investment performance, which leads to greater market value.