SALT LAKE CITY – A 29 percent increase in annual earnings from the State School and Institutional Trust Fund investments will benefit public schools in the state, according to a press release.
The investments have risen to unprecedented levels, said Utah State Treasurer Richard Ellis, topping $1.6 billion on June 30 of this year.
“These strong results reflect favorable movements in the capital markets and the professional and prudent management of the investments by the treasurer and his staff,” Sterling Jenson, regional managing director at Wells Capital Management, was quoted as saying.
Trust fund earnings are given to local schools and allocated by community councils, who can use them to offset budget cuts.
“We’ve also been able to use the funds to maintain some programs that have lost federal grant funding,” said Kay Seamons, a member of the Clearfield High community council.