Texas Insider Report: AUSTIN Texas The Texas State Board of Education (SBOE) will provide over $3.0 billion of increased funding over the next two years for textbooks and the education programs of our public schools. The $3 Billion Christmas Gift will not cost taxpayers one red cent.
This payout to the Legislature is possible because of the strong investment performance of the Permanent School Fund and assistance from the General Land Office.
The SBOE manages the Permanent School Fund (PSF) and is affectionately referred to as the Childrens Textbook Fund.
The PSF an endowment created in 1854 to support the states public schools now has a fair market value of $22.6 billion and is ranked as one of the top performing endowments in the entire nation.
SBOE Chair Gail Lowe (R - Lampasas) and PSF Chair David Bradley (R - Beaumont) worked closely with the Office of Lt. Governor David Dewhurst and Land Commissioner Jerry Patterson to find a method to increase funding for public school children in light of the states expected budget deficit.
In September and November the SBOE voted for a catch up payment of $1.15 billion and an additional payout of $1.58 billion from the Permanent School Fund for the legislatures biennial funding of public education.
Then in November Jerry Patterson Commissioner of the General Land Office notified the SBOE that he will ask the School Land Board to transfer $500 million to the Permanent School Fund. The GLO manages the Permanent School Funds land and mineral holdings.
That is $300 million more than originally expected from the GLO and allows the SBOE to send additional funding to the Legislature.
Combined with the September and November SBOE actions this investment payout totals over $3.05 billion for the Available School Fund which by law is required to be spent on new textbooks and education programs.
Lt. Governor Dewhurst issued this statement:
I want to thank Commissioner Jerry Patterson and the State Board of Education for working with us to develop a solution that will help the Legislature fund our education priorities this session.
A Texas Education Agency press release noted that all 15 SBOE Members (10 Republicans and 5 Democrats):
...signed a letter to legislators today notifying them that the board had fulfilled its duty to provide funding for the public school system. They asked the legislature now do its duty and appropriate a portion of this money for the purchase of new English language arts textbooks supplemental science materials as well as Pre-K Systems. These instructional materials are expected to cost about $550 million over the next two years.
Ken Mercer (R -San Antonio) reminds Texans that the SBOE is the only government entity in Texas that: Sends a bill provides the cash money to pay that bill and then provides billions in additional funding!
With this $3 billion Christmas gift the SBOE sends a bill of $550 million to purchase crucial textbooks for the children of Texas provides the cash money to pay that bill and then pays out over $2.4 billion in additional funding for public school education!
Texas Insider Report: AUSTIN Texas The Texas State Board of Education (SBOE) will provide over $3.0 billion of increased funding over the next two years for textbooks and the education programs of our public schools. The $3 Billion Christmas Gift will not cost taxpayers one red cent.
This payout to the Legislature is possible because of the strong investment performance of the Permanent School Fund and assistance from the General Land Office.
The SBOE manages the Permanent School Fund (PSF) and is affectionately referred to as the Childrens Textbook Fund.
The PSF an endowment created in 1854 to support the states public schools now has a fair market value of $22.6 billion and is ranked as one of the top performing endowments in the entire nation.
SBOE Chair Gail Lowe (R - Lampasas) and PSF Chair David Bradley (R - Beaumont) worked closely with the Office of Lt. Governor David Dewhurst and Land Commissioner Jerry Patterson to find a method to increase funding for public school children in light of the states expected budget deficit.
In September and November the SBOE voted for a catch up payment of $1.15 billion and an additional payout of $1.58 billion from the Permanent School Fund for the legislatures biennial funding of public education.
Then in November Jerry Patterson Commissioner of the General Land Office notified the SBOE that he will ask the School Land Board to transfer $500 million to the Permanent School Fund. The GLO manages the Permanent School Funds land and mineral holdings.
That is $300 million more than originally expected from the GLO and allows the SBOE to send additional funding to the Legislature.
Combined with the September and November SBOE actions this investment payout totals over $3.05 billion for the Available School Fund which by law is required to be spent on new textbooks and education programs.
Lt. Governor Dewhurst issued this statement:
I want to thank Commissioner Jerry Patterson and the State Board of Education for working with us to develop a solution that will help the Legislature fund our education priorities this session.
A Texas Education Agency press release noted that all 15 SBOE Members (10 Republicans and 5 Democrats):
...signed a letter to legislators today notifying them that the board had fulfilled its duty to provide funding for the public school system. They asked the legislature now do its duty and appropriate a portion of this money for the purchase of new English language arts textbooks supplemental science materials as well as Pre-K Systems. These instructional materials are expected to cost about $550 million over the next two years.
Ken Mercer (R -San Antonio) reminds Texans that the SBOE is the only government entity in Texas that: Sends a bill provides the cash money to pay that bill and then provides billions in additional funding!
With this $3 billion Christmas gift the SBOE sends a bill of $550 million to purchase crucial textbooks for the children of Texas provides the cash money to pay that bill and then pays out over $2.4 billion in additional funding for public school education!
