Report by NEPC, General Investment Counsel for the Permanent School Fund
March 9, 2010
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: This item provides the opportunity for the committee to receive a report by NEPC on issues related to the Permanent School Fund’s asset allocation, spending policy, risk budget, capital market forecasts and liquidity analysis.
BOARD RESPONSE: Based on the information presented, the committee may direct staff as appropriate.
PREVIOUS BOARD ACTION: At the July 2009 meeting, the State Board of Education selected NEPC to provide investment counsel services to the Permanent School Fund.
FUTURE ACTION EXPECTED: None.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: At the September 2009 meeting, the board held an informal discussion and a general strategic planning session with NEPC.
FISCAL IMPACT: The income of the Permanent School Fund is projected to be $60.7 million during fiscal year 2010.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
OTHER COMMENTS AND RELATED ISSUES: None.
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund