Superintendent outlines Nov. 3 ballot change to permanent school fund; Bemidji could see roughly $111,000 more annually

Superintendent Jeremy Olsen used his report to explain a proposed constitutional amendment that will appear on the Nov. 3, 2026 ballot and would change how Minnesota's permanent school fund distributes revenue to school districts.

Olsen said the fund originates from public lands and mineral rights and is invested by the state board of investment. The task force recommended using 4.5% of a rolling three-year average of market value for distributions, a change Olsen said the legislature endorsed in 2026. He noted the plan passed the Minnesota House 133-0 and the Senate 43-24 before being placed on the ballot.

Olsen said the change would increase annual distributions to Bemidji from about $278,400 under current rules to an estimated $389,000 — an increase of roughly $111,000 for the district — and that the funds would be unrestricted for local school-board decisions. He emphasized the proposal is intended to protect principal while improving predictability and that it would not raise local taxes.

The briefing was presented as information to help the board prepare outreach and constituent education ahead of the election.

Why it matters: Even modest additional state distributions can help districts with recurring costs or one-time investments; the ballot question affects all Minnesota districts and was described as bipartisan in the legislature.