Arizona Public Schools have already obtained almost $900 million in funding since Proposition 123 became a law in 2016.

Last week, Arizona State Treasurer Eileen J. Kleen reported that the distributions from the Permanent Land Endowment Trust Fund (PLETF) were $317 million for the fiscal year that ended June 30.

The PLETF’s total distribution to Proposition 123 is $884 million. Out of that money, $823 million was directly given to public schools.

In 2015, prior to voters’ approval of Proposition 123, public schools received $75 million from PLETF. After it became a law, that funding increased significantly. Public schools received $259 million in 2016. The following year, they received $269 million and this year, $295 million.

Under the law, PLETF will increase its payments for public schools from 2.5 percent to 6.9 percent until fiscal year 2025.

“It’s encouraging to see the endowment delivering at a time when schools need resources," Kleen said in a statement. "We’ve grown the PLETF’s market value, helping schools get even more.”

Additionally, Kleen said PLETF will increase its distribution for public schools by $26.5 million for the fiscal year 2019. According to her, the increase was “due to strong investment performance."

Arizona Voters 'Deserve Transparency' Regarding Proposition 123 Performance

Furthermore, the treasurer noted that voters made a difficult decision when they approved Proposition 123. According to her, “They deserve transparency when it comes to knowing how the ballot measure is performing against expectations.”

“We’re delivering the payments on time and growing the fund along the way,” Kleen added.

The PLETF’s value as of July 31 was $6 billion, the highest in the history of Arizona. The state’s Treasury Department manages all investments for the PLETF and is responsible for making monthly distributions to its beneficiaries. Public schools receive the largest distribution (approximately 93 percent).