2023 July-September Trust System Newsletter
Message from the Director
Greetings, Beneficiaries!
Recently, the Utah State Office of Legislative Auditor General presented a report outlining a dozen “critical” issues facing the state including water needs and related infrastructure, education, mental health, housing affordability, energy policy, and real property management. It is interesting to note how Utah’s Trust System, stemming all the way back to statehood, has and continues to play an important role in addressing these “critical” issues.
The momentum of distributions to Trusts beneficiaries continues to grow. With the School and Institutional Trust Fund Office (SITFO) recently releasing its distribution calculations for FY 2024 from your respective permanent funds, it’s impressive to see increased distributions as high as 46% over last year. In total, distributions for all beneficiaries combined this year were nearly $112 million, up 5% over last year’s total distributions. A big thank you goes out to SITFO and the Trust Lands Administration for their hard work on your behalf in making these funds grow with intergenerational equity in mind.
Last, we are pleased to announce two new members recently appointed to the Land Trusts Protection and Advocacy Committee – Roger Barrus and Bradford Benz. We also extend our deep appreciation to retiring members Steve Ostler and Brigham Tomco for their dedicated service. The caliber of this governing committee and other boards in the system is foundational to the success of Utah’s Trust System.