With the passage of Proposition 118, the Permanent Funds Amendment, Arizona voters have amended the formula used to distribute earnings to the 14 beneficiaries of the $3.67 billion Permanent Land Endowment Trust Fund managed by the Arizona State Treasurer’s Office.

With K-12 education being the largest beneficiary, receiving more than 90 percent of all proceeds, the new formula will result in an $8.4 million additional distribution to Arizona’s public schools.

The new formula will be employed for fiscal years 2013 through 2021.

The distribution will revert to the original formula again July 1, 2021, barring any further action by a future treasurer or Legislature.

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