Selection of Qualified Respondents for Request for Qualifications (RFQ) for Investment Management Services for Real Estate
November 20, 2009
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: ACTION
SUMMARY: This item provides an opportunity for the committee and board to approve a list of qualified candidates who responded to the request for qualifications for investment management services for real estate.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).
PREVIOUS BOARD ACTION: At the May meeting, the board approved the issuance of a request for qualifications for investment management services for real estate.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: At the July 2006 meeting, the board approved a long-term strategic asset allocation which included a 6% allocation to real estate.
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.
Respectfully submitted,
Robert Scott
Commissioner of Education
Staff Member Responsible: Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund