Vote yes for SJR 8223 | Letter

There is a measure on your fall ballot supported by a broad coalition of Republicans, Democrats, students and business leaders that will increase funding for higher education without raising taxes or tuition levels.

SJR 8223 – passed overwhelmingly by the Legislature with bipartisan support –allows the Washington State Investment Board to diversify University of Washington and Washington State University operating reserves for enterprise activities to generate a better return.

Currently, research university operating reserve investments are restricted to government-backed securities. Lack of diversification in these investment portfolios negatively affects returns.

Passage of SJR 8223 will help manage risk and strengthen their investment portfolios. $10 to $20 million in added revenue produced annually over time will directly support the academic missions at the research universities. Independent oversight and management by the Washington State Investment Board – not the universities – will ensure funds are responsibly invested and safely managed.

This type of change isn’t new. The Legislature and voters have made this change five times in the past so that pension funds, the Labor and Industries trust, university timber funds, Developmental Disability Endowment Trust, and K-12 Common Schools fund can be invested in more diverse portfolios with higher returns. These funds have also been successfully and safely managed and invested by the State Investment Board.

Republican Rob McKenna and Democrat Jay Inslee both support SJR 8223. Students and university leaders support SJR 8223. Huskies and Cougars support SJR 8223.

Please vote yes for this common sense reform. Vote yes on SJR 8223.

 

Jim McIntire

Washington State Treasurer

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