February 2015 Committee on School Finance Permanent School Fund Item 5

Annual Reporting Requirement of the Internally Managed
Permanent School Fund Investment Portfolio

February 12, 2015

COMMITTEE ON SCHOOL FINANCE/PERMANENT 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.

BOARD RESPONSE:  Review and comment.

PREVIOUS BOARD ACTION:  None.

FUTURE ACTION EXPECTED:  This is a recurring report given annually to the committee.  Based on the data presented, the committee will provide guidance to the investment staff as appropriate.

BACKGROUND INFORMATION AND SIGNIFICANT ISSUES:  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.

FISCAL IMPACT:  The distribution of the Permanent School Fund is projected to be $1.677 billion during the 2014-2015 biennium.

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