September 2014 Committee on School Finance Permanent School Fund Item 15

Presentations by Finalist Candidates for Emerging Market Equity Discretionary Investment Managers for the Permanent School Fund and Authorization for
Contract Execution by the Commissioner of Education

September 19, 2014

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

SUMMARY: The committee will receive presentations by finalist candidates for emerging market equity discretionary investment managers for the Permanent School Fund and select firms for contract execution by the commissioner of education.

STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f).

PREVIOUS BOARD ACTION: The board approved the issuance of a request for proposals for emerging market equity discretionary investment managers for the Permanent School Fund at the April 2014 meeting.

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: No alternative actions are proposed regarding this item.

OTHER COMMENTS AND RELATED ISSUES: None.

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