Texas Permanent Fund Rebounds
Mar 1, 2011 12:00 PM
The value of the Texas Permanent School Fund has rebounded to $25 billion after posting a return of 13.14 percent in 2010, the Texas Education Agency says.
The educational endowment, like many across the nation, saw its value plummet in 2009 because of the economic downturn. Its value fell from $25 billion in 2007 to $16 billion in 2009. Over the last two years, the agency says, the fund's return has been 18.99 percent per year. Texas officials say the fund is the second largest educational endowment in the country, behind only Harvard University.
The fund, which the state board of education oversees, helps pay for basic education costs, including the purchase of textbooks and other instructional material. The fund is scheduled to provide about $1.9 billion to the state budget for education during the 2012-2013 biennium, the agency says.
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