January 2019 Committee on School Finance/Permanent School Fund Item 6
Annual Reporting Requirement of the Internally Managed Permanent School Fund Investment Portfolio
January 31, 2019
COMMITTEE ON SCHOOL FINANCE/PERMNENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: This item provides an opportunity for the Executive Administrator and Chief Investment Officer of the Permanent School Fund to report on various items required by 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund.
STATUTORY AUTHORITY: Texas Education Code (TEC), §§43.003, 43.004, and 43.007 and the Texas Constitution, Article VII, §5(f).
TEC, §43.003, outlines the types of investments that the State Board of Education (SBOE) may make with the Permanent School Fund.
TEC, §43.004, requires the SBOE to develop written investment objectives and requires the board to employee a performance measurement service.
TEC, §43.007, authorizes the SBOE to make transactions in the investment portfolio of the Permanent School Fund.
The Texas Constitution, Article VII, §5(f) authorizes the SBOE to acquire, exchange, sell, supervise, manage or retain investments of the Permanent School Fund and establishes the prudent person investment practice.
The full text of statutory citations can be found in the statutory authority section of this agenda.
FUTURE ACTION EXPECTED: This is a recurring report given annually to the committee. Based on the date presented, the committee will provide guidance to the investment staff as appropriate.
BACKGROUND INFORMATION AND JUSTIFICATION: Specific actions that the committee must accomplish are outlined in 19 TAC Chapter 33. This chapter also outlines specific reporting requirements and representations that must be made to the committee.
Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer,Texas Permanent School Fund
January 31, 2019
COMMITTEE ON SCHOOL FINANCE/PERMNENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: This item provides an opportunity for the Executive Administrator and Chief Investment Officer of the Permanent School Fund to report on various items required by 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund.
STATUTORY AUTHORITY: Texas Education Code (TEC), §§43.003, 43.004, and 43.007 and the Texas Constitution, Article VII, §5(f).
TEC, §43.003, outlines the types of investments that the State Board of Education (SBOE) may make with the Permanent School Fund.
TEC, §43.004, requires the SBOE to develop written investment objectives and requires the board to employee a performance measurement service.
TEC, §43.007, authorizes the SBOE to make transactions in the investment portfolio of the Permanent School Fund.
The Texas Constitution, Article VII, §5(f) authorizes the SBOE to acquire, exchange, sell, supervise, manage or retain investments of the Permanent School Fund and establishes the prudent person investment practice.
The full text of statutory citations can be found in the statutory authority section of this agenda.
FUTURE ACTION EXPECTED: This is a recurring report given annually to the committee. Based on the date presented, the committee will provide guidance to the investment staff as appropriate.
BACKGROUND INFORMATION AND JUSTIFICATION: Specific actions that the committee must accomplish are outlined in 19 TAC Chapter 33. This chapter also outlines specific reporting requirements and representations that must be made to the committee.
Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer,Texas Permanent School Fund