Texas Permanent School Fund Comprehensive Annual Financial Report: 2015 Page: 19
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MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED)
Liabilities
Liabilities represent claims against the Fund as of
August 31, 2015. The payable for PSF(SBOE)
securities lending cash collateral invested is the
largest category of liabilities and represents the value
of the cash collateral provided by the borrowers in
accordance with the securities lending agreement.
This collateral is returned to the borrowers when the
securities are returned from loan.
Deferred Inflows of Resources
Deferred inflows of resources consist primarily of
dividend and interest receivable amounts for which
receipt is due more than 60 days subsequent to year-
end.
Fund Balance
The fund balance of the Fund has been classified in
accordance with GASB Statement No. 54, Fund
Balance Reporting and Governmental Fund Type
Definitions. The corpus of the Fund is classified as
nonspendable and is calculated based on the original
source and type of revenue deposited to the Fund
since inception. The remainder of fund balance is
classified as restricted based on the provisions in the
Texas Constitution which limit the use of the Fund to
support public free schools.
TABLE 1
Summarized Balance Sheet Accounts
(in Millions)As of
August 31,
2015As of
August 31,
2014Amount of
Increase Percent
(Decrease) ChangeASSETS
Investments $31,077.2 $32,920.1 $ (1,842.9) -5.6%
Securities Lending Cash
Collateral Invested 524.5 1,183.3 (658.8) -55.7%
Cash, Receivables,
and Other Assets 2,931.8 2,221.9 709.9 32.0%
T TAL ASSETS.. ,$34,55 $36,325.3 $ (1,791.8) -4.9%LIABILITIES
Payables for Investments
Purchased$
Payables for Security
Lending Cash
Collateral Invested
Other Liabilities
TOTAL LIABILITIES $
DEFERRED INFLOWS
OF RESOURCES $26.8 $ 35.3 $ (8.5) -24.1%
Comparative Balance Sheet Highlights
. Total fund balance decreased by 3.2% during the
fiscal year. This decrease was primarily
attributable to the decrease in the fair value of the
PSF(SBOE) equities and alternative assets, and
to the current year disbursement of approximately
$0.8 billion in support of public education.
. The change in the fair value of the PSF(SBOE)
and PSF(SLB) investments is consistent with the
change in value of the markets in which those
investments were made.
Statement of Revenues, Expenditures, and
Changes in Fund Balance
The statement of revenues, expenditures, and changes
in fund balance represents the activity from the
PSF(SBOE) investment portfolio and the PSF(SLB)
real assets investment portfolio that occurred during the
fiscal year.
TABLE 2
Summarized Revenue and Expenditure Accounts
(in Millions)REVENUES
Fiscal Year
Ended
August31
2015Land Endowment Income $
Settlement of Claims
Dividends and Interest
Income
Securities Lending
(net of rebates/fees)
Gain on Sale of
Sovereign Land
Net Decrease in Fair
Value of Investments
Revenue from Sales of
Purchased Gas
Other Income580.3
4.1Fiscal year
Ended Amount of
August 31, Increase Percent
2014 (Decrease) Change$ 675.8
1.9$ (95.5) -14.1%
2.2 115.8%560.7 661.8 (101.1) -15.3%
6.6 8.0 (1.4) -17.5%
2.7 6.9 (4.2) -60.9%
(1,387.6) 3,858.5 (5,246.1) -136.0%
83.9 67.2 16.7 24.9%
5.2 2.2 3.0 136.4%TOTAL REVENU ES (f efzly40
EXPENDITURES
PSF(SBOE) Operational
Costs 20.6 16.6 4.0 24.1%
PSF(SLB) Operational
Costs 32.8 22.5 10.3 45.8%
SEMP Gas Supplies
Purchased for Resale 78.2 54.8 23.4 42.7%
TOTAL EXPENDITURES 131.6 93.9 37.7 40.1%TOTAL NET TRANSFERS (838.7) (838.7) -
575.8 1,242.0 (666.2)
72.9 70.8 2.1
675.5 $ 1,348.1 $ (672.6)
24.5 $ 26.0 $ (1.5)-53.6%
3.0%
-49.9%
-5.8%
-3.2%0.0%
NET CHANGE IN
FUND1 BALANCE 0.4) $ 4,W4.7 $45,46.1) -175.6%
Comparative Revenue and Expenditure Highlights
* For fiscal year 2015, total revenues were $-144.1
million, a change of $5.4 billion from fiscal year
2014. This decrease is reflective of the performance
of the markets in which the Fund was invested in
fiscal year 2015.19
TOT A FN BAAN(E $3,833.5 $34,951,2 '$ (1,117.7)
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Permanent School Fund (Texas). Texas Permanent School Fund Comprehensive Annual Financial Report: 2015, report, Autumn 2015; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth838482/m1/25/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.