School fund panel tours northern Minnesota
The Legislative Permanent School Fund Commission last week toured school fund land in northern Minnesota. The 2012 Legislature created the commission, formerly known as the Permanent School Fund Advisory Committee, to advise DNR and School Board of Investment (SBI) on management of school trust resources.
The commission consists of six senators and six representatives who are tasked with making recommendations to the DNR and the school trust lands director.
Sen. Carrie Ruud, R-Breezy Point, is vice chair of the commission, which made several stops in Aitkin County on its tour.
Currently the trust assets include 2.5 million acres which are managed by DNR for economic generation and revenue is deposited into the trust corpus. Each year approximately $28 million in interest and dividends are returned to school districts on a per pupil basis.
Senate and House members recently joined DNR staff in northeastern Minnesota to learn about DNR management related to forest products and revenues, mineral resources, non ferrous mineral potential, revenue opportunities from the sale of school trust lands, and future opportunities on school trust lands.
The group was able to witness a blast at US Steel’s Minntac operation. That operation will result in $1 million in school trust revenue.
“The Permanent School Fund Commission has an incredible responsibility to oversee the management and long term economic return for the permanent school fund,” Ruud said. “Having the chance to visit the land sites first hand gave the members of the commission a great sense of both the responsibility and the opportunity the permanent school fund presents.”
Ruud encourages constituents to contact her Capitol office at 100 Rev. Dr. Martin Luther King Jr. Blvd, State Office Building, Room 25 St. Paul, MN 55155, by phone at 651-296-4913, or via email at email@example.com.