November 2017 Committee on School Finance Permanent School Fund Item 11

Review of SB 253 and HB 89 of the 85th Legislative Session

November 10, 2017

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 discuss the review of SB 253 and HB 89 of the 85th legislative session related to state contracts with and investments in certain companies in specific countries.

STATUTORY AUTHORITY: Texas Education Code (TEC), §45.0532.

PREVIOUS BOARD ACTION: None.

BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: Not applicable.

FISCAL IMPACT: The distribution of the Permanent School Fund is projected to be $2.5 billion during the 2018-2019 biennium.

PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.

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.

PUBLIC PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.

PUBLIC COMMENTS: None.

OTHER COMMENTS AND RELATED ISSUES: None.

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