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Land Board OKs more for schools

 Posted: 2:50 PM September 19, 2013

The State Land Board has approved an extra $12 million for distribution to Oregon's 197 school districts in 2014 and 2015.

The Common School Fund distribution, which was specified by the 2013 Legislature, will be in four installments of $3 million each. They will coincide with the regular payments from the fund.

The payments will offset $12 million that lawmakers drew from the state school fund, which comes largely from income taxes and lottery proceeds, that will go toward a new teacher training network.

The State Land Board consists of the governor, secretary of state, and state treasurer. The board acted during a conference call earlier this week.

The board oversees the Common School Fund, which gets money from timber sales, waterway permits and other activity on state-managed lands. The fund is also replenished by earnings on investments, which are overseen by the Oregon Investment Council. The treasurer is a council member.

The board normally limits distributions from the fund to 4 percent, which have been amounting to $48 million annually. The extra distribution required by lawmakers amounts to an additional percentage point.

Salem-Keizer schools get an estimated 7 percent of the total.

— Peter Wong, Statesman Journal

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