September 2020 Committee on School Finance/Permanent School Fund Item 9

Review of the Permanent School Fund Real Estate Policy and Tactical Plan

September 2, 2020

COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: CONSENT

SUMMARY: This item provides an opportunity for the committee and board to review the real estate policy and annual tactical plan. The committee and board will also receive an update on the real estate program. The committee may take an action based on this information.

STATUTORY AUTHORITY: Texas Constitution, Article VII, §2 and §5; and 19 Texas Administrative Code (TAC) Chapter 33.

The Texas Constitution, Article VII, §2 and §5 establish the permanent school fund, the assets that comprise the permanent school fund, the bond guarantee program, the available school fund, and authorize the State Board of Education (SBOE) to manage and invest the permanent school fund in accordance with the prudent person standard.

19 TAC Chapter 33 codifies administrative rules that provide a statement of investment objectives, policies, and guidelines of the Texas Permanent School Fund as adopted by the SBOE.

The full text of statutory citations can be found in the statutory authority section of this agenda.

PREVIOUS BOARD ACTION: At the June 2019 meeting, the board adopted revisions to the real estate investment policy and real estate annual tactical plan.

BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: The real estate annual tactical plan was approved at the June 2019 Board meeting.

Staff Members Responsible:  
Holland Timmins, Executive Administrator and Chief Investment Officer of the Texas Permanent School Fund