(UPDATED, 2:59 p.m., with additional details on payments,)

Public schools will receive a significant one-year boost in endowment payments — a $9.5 million increase.

Most state endowment beneficiaries, including public schools and higher education, are in line for increases exceeding 10%. Despite the robust increases, endowment payments still represent a relatively small piece of overall education spending.

Several factors played into the increased payments — including $156.3 million in presold timber cuts on state forest lands, and a 13.6% net return from the state’s endowment fund.

“It feels right now we’re pretty flush,” said Chris Anton, investment manager for the state’s Endowment Fund Investment Board.

With that, the state Land Board Tuesday approved more than $132.5 million in endowment payments, for the budget year beginning next July 1. Payments are up $15.3 million, or 13%, from the current budget year(opens in new tab). Here’s how those payments break down:

• Public schools, by far the largest beneficiary, will receive nearly $81.9 million — a 13% increase.
• Normal schools at Idaho State University and Lewis-Clark State College will split nearly $9.8 million, a 15% increase. The two schools will share this payment equally.
• Payments to “charitable institutions” will approach $9.4 million, also a 15% increase. Several beneficiaries share these payments. Idaho State will receive nearly $2.5 million, and the Idaho School for the Deaf and the Blind will receive $312,000.
• The University of Idaho School of Science will receive $8.5 million, up 14%.
• The University of Idaho will receive $8.5 million, up 16.5%.
• Payments to State Hospital South will remain frozen at $7.8 million.
• The state prison will get $4.2 million, up 18%.
• The University of Idaho College of Agriculture payment will increase $2.6 million, up 15%.

Endowment proceeds pale in comparison to taxpayer support for public schools. The K-12 system will receive more than $2.7 billion in taxpayer funds this year — more than 33 times as much as the endowment payment approved Tuesday.

During a lengthy Tuesday morning meeting — devoted largely to an update on the current wildfire season(opens in new tab) — the Land Board unanimously approved next year’s payments, with no debate.

Five statewide elected officials comprise the Land Board: Gov. Brad Little; state superintendent Debbie Critchfield; Attorney General Raúl Labrador; Secretary of State Phil McGrane; and Controller Brandon Woolf.