Texas Permanent School Fund Annual Financial Report: 2013 Page: 18
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(Real Estate Special Fund Account or RESFA) at the State Treasury. These proceeds can be used
by the SLB to acquire additional tracts of land; to acquire interests in real property for biological,
commercial, geological, cultural, or recreational purposes; to acquire mineral and royalty interests; to
acquire interests in real estate; to pay for reasonable fees for professional services related to these
investments; or to acquire, sell, lease, trade, improve, maintain, protect, or use land, mineral royalty
interests, or real assets investments, an investment or interest in public infrastructure, or other
interests, all for the use and benefit of the Fund. Note 3 of the notes to the financial statements
contain a summary of the historical cost of the land owned by the Fund. As of August 31, 2013 the
estimated fair value of the land, real assets investments and mineral rights (excluding cash) was
approximately $4.8 billion and the historical cost was $2.2 billion. Sovereign lands and minerals are
reported at historical cost on the balance sheet and per GASB Statement No. 52 the remaining real
assets are reported at fair value.
Statement of Revenues, Expenditures, and Changes in Fund Balance
The statement of revenues, expenditures, and changes in fund balance represents the activity
from the PSF(SBOE) investment portfolio and the PSF(SLB) real assets investment portfolio that
occurred during the fiscal year.
TABLE 2
Summarized Revenue and Expenditure Accounts (in Millions)REVENUES
Land Endowment Income
Settlement of Claims
Dividends and Interest Income
Securities Lending (net of rebates/fees)
Gain on Sale of Sovereign Land
Net Increase in Fair Value of Investments
Revenue from Sales of Purchased Gas
Other Income
TOTAL REVENUESEXPENDITURES
PSF(SBOE) Operational Costs
PSF(SLB) Operational Costs
SEMP Gas Supplies Purchased for Resale
TOTAL EXPENDITURESTOTAL NET TRANSFERS
NET CHANGE IN FUND BALANCEFiscal Year Fiscal year Amount of
Ended Ended Increase Percent
August31, 2013 August31, 2012 (Decrease) Change$ 410.4 $ 390.5 $ 19.9
30.4 - 30.4
635.5 598.8 36.7
8.8 6.3 2.5
2.7 9.8 (7.1)
2,064.2 1,897.6 . 166.6
51.1 46.8 4.3
0.1 1.8 (1.7)
3,203.2 2,951.6 251.616.4
23.2
44.1
83.712.7 3.7
19.9 3.3
42.4 1.7
75.0 8.75.1%
n/a
6.1%
39.7%
-72.4%
8.8%
9.2%
-94.4%
8.5%
29.1%
16.6%
4.0%
11.6%(1,320.9) (1,020.9) (300.0) 29.4%
1,798.6 1,855.7 (57.1)
-3.1%
In fiscal year 2013, revenues earned by the Fund included lease payments, bonuses and royalty
income received from oil, gas and mineral leases; lease payments from commercial real estate;
surface lease and easement revenues; revenues from the resale of natural and liquid gas
supplies; dividends, interest, and securities lending revenues; changes in fair value of the
investment portfolio, and other miscellaneous fees and income. Expenditures are paid from the
Fund before distributions are made under the total return formula. Such expenditures include the
costs incurred by the PSF(SLB) to manage the land endowment and operational costs of the
PSF(SBOE), including certain external management fees. Management fees for alternative18
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Permanent School Fund (Texas). Texas Permanent School Fund Annual Financial Report: 2013, report, December 2013; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth639582/m1/26/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.