January 2019 Committee on School Finance/Permanent School Fund Item 4
January 2019 Committee on School Finance/Permanent School Fund Item 4
Review of Permanent School Fund Securities Transactions and the Investment Portfolio
January 31, 2019
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: Investment staff will report on the transactions executed during the months of October and November 2018 in the investment portfolio of the Texas Permanent School Fund.
STATUTORY AUTHORITY: Texas Education Code (TEC), §§43.003 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, §43.007, 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 at every committee meeting.
BACKGROUND INFORMATION AND JUSTIFICATION: Specific actions that the committee must accomplish are found in 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund.
Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund
January 31, 2019
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: Investment staff will report on the transactions executed during the months of October and November 2018 in the investment portfolio of the Texas Permanent School Fund.
STATUTORY AUTHORITY: Texas Education Code (TEC), §§43.003 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, §43.007, 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 at every committee meeting.
BACKGROUND INFORMATION AND JUSTIFICATION: Specific actions that the committee must accomplish are found in 19 TAC Chapter 33, Statement of Investment Objectives, Policies, and Guidelines of the Texas Permanent School Fund.
Staff Members Responsible:
Holland Timmins, Executive Administrator and Chief Investment Officer, Texas Permanent School Fund