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Trust Lands reports record assets and higher school distributions; asks for 2 staff to diversify revenues and audit unclaimed property
Summary
The Department of Trust Lands told the Senate Appropriations Committee it manages roughly $7–8 billion in long‑term investments and permanent trust funds, including the Common Schools Trust Fund. The department asked for two FTEs to pursue new revenue opportunities and to audit unclaimed-property reporting.
The Department of Trust Lands told the Senate Appropriations Committee on Tuesday that its 13 permanent trust funds — led by the Common Schools Trust Fund — are near record values and that distributions to beneficiaries will rise in the next biennium.
Commissioner Joseph Harringer said the department manages about 2.6 million mineral acres and roughly 700,000 surface acres on behalf of state beneficiaries, and that the Common Schools Trust Fund had about $7 billion in investment assets. Using the constitutional distribution formula (10% of the rolling five-year average balance), Harringer said the Common Schools Trust Fund payout to K–12 education is projected at about $585 million for the next biennium — roughly…
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