The Commissioners of the Land Office delivered some needed good financial news to public education in Oklahoma, the largest distribution to public schools ever. The CLO announced it had given schools a total of $102.2 million during the just ended fiscal year.
Higher ed received $700,000 more than it did the previous year as well.
“Given all the negative factors in our state and national economies, these results are timely and encouraging,” CLO Secretary Harry Birdwell said. “With lower oil and gas prices, reduced interest in mineral leasing, lower agriculture commodity prices, low interest rates, and volatile stock prices, the results would not be expected to be positive. However, the commissioners and the agency staff have successfully grown our trust funds, diversified our investment portfolio, and converted land and mineral assets to higher use over the last several years. Since Governor Fallin was elected, our trust funds have grown by $650 million.”
The total combined distribution to common and higher education in fiscal year 2016 was $134.4 million.
Fallin praised CLO for finding a way to provide more money to schools.
“In a year when resources are scarce, the Commissioners of the Land Office made significant efforts to maximize revenues for public education in Oklahoma,” Fallin said. “Diversifying the portfolio to invest in assets such as commercial real estate has generated higher yields, created economic activity and new jobs, and ultimately maximized earnings for beneficiaries. I commend Secretary Birdwell and the CLO staff for everything they are doing to support education. The results could not come at a better time in Oklahoma.”
State Superintendent of Public Instruction Joy Hofmeister echoed Fallin’s thoughts.
“Year after year, the CLO provides much-needed funds to public education. We are so grateful for the agency’s hard work,” said Hofmeister. “At a time when our public schools are facing a funding crisis, this $102.2 million is critical.”
