Opinion: Amendment B offers more funding for Utah schools at no cost to taxpayers

This November, Utahns have an opportunity to positively impact the public education system without increasing taxes. Amendment B on your ballot asks:
“Shall the Utah Constitution be amended to increase the limit on the annual distributions from the State School Fund to public schools from 4% to 5% of the fund?”
Not many legislative actions garner unanimous support. All legislators voted in favor of this amendment. We urge you to join them and vote YES on Amendment B.
Utah’s Permanent State School Fund — an endowment established at statehood to support public schools — has grown from just $50 million 30 years ago to over $3.3 billion today. Each year, earnings from this fund are distributed to K-12 schools across the state, supplementing tax-funded sources.
These funds are unique because each school’s School Community Council, comprised of parents and educators, determines how best to use them. Whether it’s hiring reading aides at an elementary school or supporting college prep and career training at a high school, these funds directly address the needs parents and teachers identify at their specific school.
Currently, our state constitution caps annual distributions from the Permanent State School Fund at 4%. If Amendment B passes, this cap would increase to 5%, allowing us to distribute more money from the permanent endowment to our schools without any additional cost to taxpayers. Had this amendment been in place today, Utah students would have received $120 million instead of $106 million in LAND Trust distributions this school year.
The impressive growth of the Permanent State School Fund is a testament to the consistent revenue generated from school trust lands and the prudent investment strategies employed by the School and Institutional Trust Funds Office (SITFO).
Due to strong investment returns, the fund is well-positioned to increase its distributions. Amendment B will provide SITFO with the flexibility to fulfill its fiduciary obligation to balance funding between current and future students.
Supporting Amendment B means enhancing educational opportunities for our children without raising taxes. It empowers parents and local schools to address their unique challenges and invest in the success of their students.
Please join us in supporting Utah students and teachers by voting for Amendment B this November.
Marlo Oaks is the Utah state treasurer. Corey Fairholm is the president of the Utah PTA.