House adopts requirement for annual audited reports and periodic land estimates for School and Institutional Trust Lands

The Utah House of Representatives on Feb. 27 adopted fourth-substitute House Bill 483, a measure requiring the School and Institutional Trust Lands Administration to publish an annual financial report with audited statements and to begin a five-year program to estimate the value of its land holdings.

Supporters said the bill responds to findings in a 2024 legislative audit and is intended to increase transparency and fiduciary oversight of trust lands managed for public beneficiaries. Representative Walter, sponsor of the measure, said, “the first thing that this bill does is it essentially requires them to begin that process of creating a, annual financial report that includes audited financial statements.”

The bill also creates a process to produce land-value estimates (not full appraisals) over five years so the Legislature and trustees can better understand the portfolio's worth, and it includes two limited provisions: one allowing a long-term surface interest holder (with a contract of 25+ years) the opportunity to match a sale at fair market value for certain small landlocked parcels, and a specific authorization addressing a negotiated land exchange involving the University of Utah and the trust lands administration. Representative Walter said the exchange provision recognizes that the University of Utah is a beneficiary under the trust and requires legislative authorization for that transaction.

Representative Albrecht rose in support and noted stakeholder engagement during drafting. Summation was waived and the House recorded 70 yes votes, 0 no votes; the measure was transmitted to the Senate for consideration.

Votes at a glance: House adopt fourth substitute HB 483 — motion to adopt moved by Representative Daley Provost; substitute adopted; final passage 70 yes, 0 no. The bill will be sent to the Senate.