State investments manager Larry Johnson told legislative budget writers Thursday the fund posted a 13.8 percent return last year, meaning more cash to dole out to various schools, hospitals and other programs.
Each year, the endowment invests the revenue collected from a variety of state lands Idaho received at statehood. Proceeds come from timber harvests, mining and leases for agricultural use. Most of the proceeds from state lands are paid out to public schools, but state hospitals, the Idaho School for the Deaf and Blind, state veterans homes, universities and other agencies get a share of the payout each budget year.
For fiscal year 2014, the public schools are on track to receive $31.3 million, a sum unchanged from 2013, Johnson said. But other beneficiaries could see increases ranging from 2.7 percent to 14.1 percent.
The last few years, weve seen some real strong land revenues (from timber sales and other uses), as well as strong investment returns, Johnson said.
The last three years weve averaged almost 10 percent returns, so as were seeing the (fund value) grow, we can afford to pay out more money.
The payout to public schools held steady because revenues from state lands specifically designated for schools were not as high. Johnson also said public school proceeds were also used to replenish reserves intended to protect future payouts.
The distributions include:
- Universities: $10.7 million, up $802,000 or 8.1 percent from a year ago.
- State Hospital North: $893,000, up $102,000 or 12.9 percent.
- State Hospital South: $2.9 million, up $78,000 or 2.7 percent.
- Juvenile Corrections: $893,000, up $102,000 or 12.9 percent.
- Veterans homes: $558,000, up $64,000 or 12.9 percent.
- School for the Deaf and Blind: $112,000, up $13,000 or 12.9 percent.