The Idaho Department of Lands auctioned off 35 cabin lots along North Idaho’s Priest Lake Friday — collecting close to $15.7 million for the public schools endowment.
The auctions, in Coeur d’Alene, represent part of an ongoing process to parcel off Idaho’s lakefront cabin sites. The state has auctioned off 161 lots along Priest and Payette lakes, about a third of its original holdings. The sales have netted $67 million for various endowments, supporting K-12, State Hospital South, and teacher education programs at Idaho State University and Lewis-Clark State College.
Each year, Idaho public schools receive an annual payment off the endowment fund. Last month, the five statewide elected officials comprising the Idaho Land Board voted to boost the K-12 endowment payment to $36.7 million, nearly a $4 million increase. By contrast, the 2015-16 budget puts $1.48 billion of general fund tax dollars into K-12.