PORTLAND, Ore. (KOIN) — K-12 schools in Oregon are expected to get a boost in funding, as the Oregon Department of State Lands announced Tuesday $64.2 million from the Common School Fund will be distributed to the State’s school districts in 2022.
“Every dollar that the district receives is important,” Pendleton School District’s director of business services, Michelle Jones stated in a recent release. “We count on these resources to make sure we can keep class sizes small and provide needed technology and facilities for students.”
Each year money from the Common School Fund is granted to all 197 of the state’s public school districts. However, the amount of funds distributed to each district is based on the amount of students attending.
As Oregon’s largest district, Portland Public Schools will reportedly receive $5.7 million in 2022.
Approximately $600,000 of funds will be distributed to the Lincoln County School District, and little over $100,000 will be granted to the Rogue River School District.
According to ODSL, the average district distribution in 2022 is approximately $326,000. A full list of funds distributions for Oregon school districts can be viewed here.
“The Common School Fund has supported Oregon schools since statehood, when the federal government granted our new state nearly 3.4 million acres ‘for the use of schools,’” ODSL stated. “The State Land Board was established to oversee these school lands, which generate revenue for the Common School Fund.”
Invested by the Oregon Investment Council and the State Treasurer, the Fund is currently valued at $2.2 billion and has on average acquired a 13.53% rate of return over the last three years.
“Strong returns from the Common School Fund in recent years are allowing schools around the state to invest in our most precious resource — our children,” stated Mary Paulson, deputy executive director of the Oregon School Boards Association.
Each year, 3.5% of the Common School Fund is distributed to Oregon’s school districts. The $64.2 million granted for 2022 is $4.1 million greater than the $60.1 million distributed in 2021, and $9.2 million more than the $55 million given in 2021.
According to the Department of State Lands, due to school land leases, sales, and other land management activities, $22.8 million in net income was added to the Fund in 2021.
“School lands have helped support generations of Oregon students,” DSL Director Vicki Walker stated. “The $22.8 million school lands generated last year for the Common School Fund directly benefits my grandchildren, just as the past millions generated by school lands directly benefitted my children and me.”