September 2014 Committee on School Finance Permanent School Fund Item 11

Proposed Amendments to the Investment Procedures Manual

September 19, 2014

COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: CONSENT

SUMMARY: This item provides an opportunity for the committee and board to review and adopt proposed amendments to 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 2012.

BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: None.

FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $1.677 billion during the 2014-2015 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: None.

OTHER COMMENTS AND RELATED ISSUES: None.

Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund