Arizona Treasury Office distributes $559M in investment earnings
Jul 28, 2020, 6:00 PM | Updated: Aug 4, 2020, 8:57 am
(Pexels Photo)
(Pexels Photo)
PHOENIX — Arizona State Treasurer Kimberly Yee announced Tuesday $559 million was distributed in investment earnings in the 2020 fiscal year.
It was the second-highest total distributed in a fiscal year, trailing just the $567 million distributed in 2019.
Before the past two fiscal years, the only time investment earnings distributed topped $500 million was in 2008 ($502 million).
“This is great news for taxpayers that our office has been able to distribute the two highest years of earnings in Arizona’s history back to back,” Yee said in a press release. “This results in less direct taxes that Arizonans have to pay.”
About $368 million of the earnings will go to endowment beneficiaries, including $342 million for K-12 education.
Another $131 million will be disbursed to state agencies, including about $44 million to the state’s general fund.
The final $60 million will go to local government pool participants.
“These earnings benefit the state general fund, K-12 education, universities, local governments, state agencies and endowment beneficiaries,” Yee said. “This additional funding, on top of general fund appropriations, provides increased support to students, schools and universities, local taxpayers and the state.”
