BOISE, ID – The Idaho State Board of Land Commissioners presented state leaders with a ceremonial $68.2 million check on Tuesday to celebrate this year’s funding disbursement to the K-12 public school system.
Idaho Department of Lands Director Dustin Miller said the $68.2 million funding distribution is a record high amount, due to a combination of increased timber sales and low expenses.
“We saw increased revenue from endowment lands this past fiscal year mostly through the increase in our timber harvest level over time,” Miller said. “Also, one thing I am proud of is that while our revenue is going up, expenses are staying relatively flat. This is an added benefit to the beneficiaries.”
The Idaho Constitution requires Idaho to manage state endowment lands so they generate the maximum financial return for beneficiaries. There are nine different endowment fund beneficiaries, the largest of which is the state’s K-12 public school system. Other beneficiaries include colleges and universities, state veteran homes, state hospitals, the Idaho School for the Deaf and the Blind and correction facilities.
While public schools will see $68.2 million in funding, the total funding distribution for all beneficiaries was nearly $110.4 million, the Idaho Department of Lands announced in a press release issued last week.
During ceremonies Tuesday at the Idaho State Capitol in Boise, Miller presented the ceremonial $68.2 million check to Gov. Brad Little and other state officials as the Capital Singers choir from Capital High School performed Christmas carols in the Capitol rotunda.
After the ceremonies, Miller told the Idaho Capital Sun that increases in timber harvests on state endowment lands helped pay for the funding distribution. Miller said revenue has grown by an average of 2.6% a year since 2016, while expenses have grown by just 1.6% over the same time, Miller said.
“After ramping up to 330 million board feet of volume sold annually, we have begun to realize the increased income from timber,” Miller said. “There has been some increase on the land leasing side, but most of the increase in land income came from timber.”
When Idaho became a state, Congress granted Idaho about 3.6 million acres of state endowment land for the purpose of providing funding for beneficiaries, such as the K-12 public school system. After some land has been sold off and consolidated, Idaho now has about 2.5 million acres of state endowment land.
The Idaho State Board of Land Commissioners – often simply referred to as the Land Board – manages those endowment lands for the beneficiaries. Sources of revenue generated from state endowment lands include timber harvests and sales, land leases, sales and mineral leases.
Idaho’s governor, attorney general, secretary of state, controller and superintendent of public instruction make up the land board.
This story first appeared on Idaho Capital Sun.
