Sitla Boasts Revenue Increases for Schools
The School and Institutional Trust Lands Administration's financial results for fiscal year 2006 are in. The reports show that revenues produced by SITLA reached another record level. For FY 2006, gross revenues were $161.8 million - an increase of more than $53 million from the prior year.
"Compare this year's revenues of $161 million to the final year that trust lands were managed by the predecessor agency. That was in 1994 - the revenues were only $17.3 million that year," says Kevin Carter, SITLA director. "Our positive results are the outcome of a lot of hard work in managing the trust for the interests of the beneficiaries, from avoiding mediocre transactions, and no longer giving trust lands away."
The revenues are also reflected in the year-end balance sheet that shows the State Permanent School Fund (for Utah's public schools) growing from $570.9 million to $705.0 million. That is an increase of more than $134 million in just one year. Other trust beneficiaries also have gains in their permanent funds.
Total trust assets reached a new high of $807.5 million - moving closer to the goal of $1 billion by the end of fiscal year 2010.
Carter adds, "It's also worth noting that, over the past eight years, the Trust Lands Administration has put more than 600,000 acres into preservation or conservation through exchanges and sale transactions. All this was done while ensuring fair market returns for Utah's school children. We pledge to sustain our efforts to manage trust lands and to stand up for Utah's school children."
The School and Institutional Trust Lands Administration is an independent state agency that manages 3.4 million acres of Utah trust lands for the financial benefit of Utah's public schools and 11 other public institutions.