February 2015 Committee on School Finance Permanent School Fund Item 6

Report by the State Auditor’s Office on the Audit of the Permanent School Fund’s Financial Statements for Fiscal Year Ending August 31, 2014

February 12, 2015

COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION

SUMMARY: This item provides an opportunity for representatives of the State Auditor’s Office (SAO) to make a presentation regarding the audit of the financial statements of the Permanent School Fund for fiscal year ending August 31, 2014, and material accounts of the Fund reported by the Texas Education Agency.

BOARD RESPONSE: Review and comment.

PREVIOUS BOARD ACTION: None.

FUTURE ACTION EXPECTED: None.

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.

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