Proposed Amendments to Section H of the Investment Procedures Manual
November 20, 2009
COMMITTEE ON FULL BOARD: ACTION
STATE BOARD OF EDUCATION: ACTION
SUMMARY: This item provides an opportunity for the committee and board to review and adopt amendments to Section H of the Investment Procedures Manual.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: The board adopted the Texas Permanent School Fund Investment Procedures Manual on January 24, 1995. The board last revised the manual in November 2007.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: None.
FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $1.4
billion during the 2008-2009 biennium.
PUBLIC AND STUDENT BENEFIT: The distribution of the Permanent School Fund will flow to the school districts and reduce the tax burden to the public and the state of Texas.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
ALTERNATIVES: No alternative actions are proposed regarding this item.
OTHER COMMENTS AND RELATED ISSUES: None.
COMMISSIONER’S RECOMMENDATION: I recommend that the State Board of Education:
Approve amendments to Section H of the Investment Procedures Manual of the Permanent School Fund.
Respectfully submitted,
Robert Scott
Commissioner of Education
Staff Member Responsible: Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund
Separate Exhibit: Text of proposed revisions to Section H of the Investment Procedures Manual
(to be provided prior to the November SBOE meeting)