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SITFO officials tell subcommittee Amendment B will raise school-fund distributions; no new agency funding sought
Summary
Officials from the School and Institutional Trust Fund Office briefed the Public Education Subcommittee on Jan. 24 on portfolio size, governance and how Amendment B (2024) raises the annual distribution cap from 4% to 5%. SIPFO officials said they are not requesting additional state funding this year.
Rochelle Gunderson, a fiscal analyst with the Legislative Fiscal Analyst’s office, introduced a staff budget review of the School and Institutional Trust Fund Office on Jan. 24, 2025, during a Public Education Subcommittee meeting at the Utah State Capitol.
The School and Institutional Trust Fund Office (SITFO) manages roughly $3.8 billion in assets across 11 trusts and invests earnings from land revenues contributed by the School and Institutional Trust Land Administration (SITLA). Peter Madsen, director and chief investment officer for SITFO, told the subcommittee the school fund represents about 95% of the office’s assets and that distributions now approach the low hundreds of millions of dollars annually.
The discussion centered on the effect of Amendment B,…
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