The state Land Board is meeting this morning; a major agenda item is the distribution from the state endowment for public schools next year. Last month, state Superintendent of Schools Tom Luna pushed to increase the distribution by $5.6 million above the recommendation of the state’s Endowment Investment Board. His motion died for lack of a second, but the board then agreed to send Luna’s proposal to the endowment board for review, and reconsider the issue this morning.
The endowment board is proposing holding schools at $31 million, the same distribution as the past four years, to help reserves in the school fund built up toward targeted levels. Since the Land Board in 2010, at Luna’s urging, voted to give schools a one-time additional $22 million distribution, the reserve fund for the schools hasn’t met the goal of holding five years worth of payments; it’s now just over three years and dropped to two years after the 2010 extra payment.
The endowment board this morning is again recommending sticking with the $31 million distribution to schools for fiscal year 2015, which starts July 1, 2014.