Education
An Audit of the Financial Statements of the Permanent School Fund for the Fiscal Year Ended August 31, 2000
April 2001
Report Number 01-024
Overall Conclusion
The Permanent School fund's (Fund) fiscal year 2000 financial statements are materially correct in accordance with generally accepted accounting principles. However, as stated in previous year, without being allowed to use the "total return" based spending rule, the Fund is still faced with difficulty meeting the conflicting objectives of maintaining the purchasing power of its distributions to the Available School Fund and increasing the market value of the corpus of the Fund.
Key Facts and Findings
- We reported that without a constitutional change allowing the Fund to use
a "total return" based spending rule, it would be difficult for the Fund to
maintain the purchasing power of its distributions to the Available School
Fund (ASF) while increasing the market value of its principal.
- Although the Fund's distribution to the ASF has increased by 5.4 percent (from $662 million to $698 million) during fiscal year 2000, the Fund is still faced with difficulty meeting the conflicting objectives of maintaining the purchasing power of its distributions to the ASF and increasing the market value of its principal.
Contact the SAO about this report.
Download the PDF version of this report. (.pdf)
HTML Equivalent (utilizing Adobe's PDF Conversion by Simple Form).