Texas PSF Corporation provides increased support for public education with historic distribution to the Available School Fund

AUSTIN – September 6, 2023 – On September 1, the Texas State Board of Education
(SBOE) approved the distribution of $1.56 billion from the Permanent School Fund (PSF)
to the Available School Fund (ASF) for fiscal year 2024. These funds will be added to the
$600 million in direct contributions to the ASF, previously approved by the General Land
Office’s School Land Board (SLB), from oil and gas royalty revenues generated on PSF
lands managed by the SLB.

The combined amount of $2.16 billion in PSF revenues received by the ASF will flow to
school districts and charter schools, on a per-student basis, during this school year to
support instructional materials, technology, and other educational expenses.

Another $2.16 billion combined distribution is scheduled for fiscal year 2025. When that
occurs, the PSF’s total contribution to public education in the ten years since fiscal year
2016 will be nearly $17 billion. This will exceed the amount distributed in the twenty
years prior to 2016, an unprecedented level of increase in the PSF’s support for Texas
schools. “We are extremely pleased to be able to make historic contributions to our
current students and teachers, while also preserving the PSF’s ability to provide similar
support for generations of Texans to come,” said Tom Maynard, SBOE member and
chairman of the Texas PSF Corporation, the recently formed entity responsible for
managing the investment assets of the Fund.

“As schools have started the academic year, we are happy that the SBOE can provide
such significant financial support directly to each district on a per student basis all
across the state,” said Keven Ellis, SBOE chairman and member of the board of directors
for the Texas PSF Corporation.

Contact: Carolyn Perez, Director of Communications mediarequests@texaspsf.org

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