Oregon's State Land Board announced Tuesday that the state's K-12 public schools will receive $72.2-million from the Common School Fund in 2023; the highest ever distributed for the fund.

According to the State Land Board 2023 distribution is $8-million more than the 2022 distribution ($64.2-million) and over $12-million more than the 2021 distribution ($60.1-million).

How much each public school district receives depends on the number of students served in that district. The State Land Board says the average 2023 distribution is approximately $367,000.

In 2023 the states largest district, Portland Public Schools, will receive $6.4-million. Eugene 4J School District will receive $2.4-million, and Springfield will receive $1.4-million. For a full list of distributions for 2023 click here.

Since statehood, the Common School Fund has supported Oregon schools, originally established when the federal government and granted Oregon 3.4-million acres of land "for the use of schools." The State Land Board was established to oversee school lands, which help generate revenue for the Common School Fund.

Approximately 772,000 acres of school lands are managed by the Department of State Lands on behalf of the Land Board. $1.38 million in net income from school land leases, sales, and other land management activities was added to the Fund in fiscal year 2022.

The Common School Fund is invested by the State Treasurer and the Oregon Investment Council; valuing the fund at $2.1-billion. Over the last three years the fund earned an average 4.42 percent rate of return.

We’re incredibly pleased with the Common School Fund’s performance in recent years under Treasury’s management. These sustained returns will allow us to send a record-setting amount to Oregon public schools,” said State Treasurer Tobias Read. “We look forward to seeing the positive impact this will have on students across the state, from increased resources in the classroom to facility improvements.