November 2018 Committee on School Finance/Permanent School Fund Item 6

Update on HB 89

November 15, 2018

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

SUMMARY: This item provides an opportunity for the committee to receive and discuss an update on HB 89 relating to state contracts with and investments in companies that boycott Israel.

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