TEA and SBOE member Pat Hardy tout performance of state school fund
Date Posted: 2/06/2014 | Author: Jennifer Mitchell, CAE
In a press release issued today, the Texas Education Agency (TEA) announced that the state's Permanent School Fund (PSF) achieved record investment performance last year. The fund was created by the legislature more than 150 years ago to help fund Texas public schools and is administered by the State Board of Education (SBOE). Revenue, such as oil and gas royalties derived from public lands managed by the Texas General Land Office, is deposited into the PSF. Major functions of the PSF include paying for textbooks and providing highly rated guarantees for school bonds, which save money for school districts. With a year-end value of more than $29 billion, the PSF yielded "the highest return of any major state of Texas investment fund for the fiscal year," according to TEA officials. SBOE District 11 member Patricia "Pat" Hardy is chairwoman of the the SBOE Committee on School Finance/Permanent School Fund. She attributed the PSF's recent success to the "careful and prudent investment of the fund's increasingly diverse portfolio."
CONVERSATION
RECOMMENDED FOR YOU
04/19/2024
Teach the Vote’s Week in Review: April 19, 2024
Listen to the latest episode of The ATPE Podcast learn why your vote in school board, appraisal, and bond elections is so critical.
04/18/2024
5th Circuit Court denies rehearing in publishers’ Texas library book lawsuit
Author of HB 900 urges Paxton to appeal to the U.S. Supreme Court.
04/17/2024
TRS board to consider lowering TRS-Care Medicare Advantage premiums
Increased legislative funding, federal changes mean TRS is positioned to pass on savings to plan participants.