Print Friendly HOUSE BILL NO. 692 – Approp, Endowment Fund Bd
HOUSE BILL NO. 692
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H0692.....................................................by APPROPRIATIONS
APPROPRIATIONS - ENDOWMENT FUND INVESTMENT BOARD - Appropriates $587,600 to
the State Board of Land Commissioners for the Endowment Fund Investment
Board for fiscal year 2003; limits the number of full-time equivalent
positions to 5; provides for continuous appropriation authority for moneys
in the Endowment Administration Fund for consulting fees, bank custodial
fees and portfolio-related costs; and provides legislative intent regarding
the transfer of moneys from the various earning reserve funds to the income
funds.
02/28 House intro - 1st rdg - to printing
03/01 Rpt prt - to 2nd rdg
03/04 2nd rdg - to 3rd rdg
Rls susp - PASSED - 60-1-9
AYES -- Barraclough, Barrett, Bedke, Bell, Bieter, Black, Block,
Bolz, Bradford, Bruneel, Callister, Campbell, Collins, Crow, Cuddy,
Deal, Denney, Ellis, Ellsworth, Eskridge, Field(13), Field(20),
Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet, Jones,
Kellogg(Duncan), Kendell, Kunz, Langford, Loertscher, Mader,
Martinez, McKague, Meyer, Montgomery, Moyle, Pearce, Pomeroy,
Raybould, Ridinger, Robison, Sali, Schaefer, Sellman, Shepherd,
Smith(33), Smith(23), Smylie, Stevenson, Stone, Tilman, Wheeler,
Wood, Young, Mr. Speaker
NAYS -- Clark
Absent and excused -- Aikele, Boe, Gagner, Gould, Lake, Mortensen,
Pischner, Roberts, Trail
Floor Sponsor - Robison
Title apvd - to Senate
03/05 Senate intro - 1st rdg - to Fin
03/06 Rpt out - rec d/p - to 2nd rdg
03/07 2nd rdg - to 3rd rdg
03/13 3rd rdg - PASSED - 35-0-0
AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson,
Burtenshaw, Cameron, Darrington, Davis, Deide, Dunklin, Frasure,
Geddes, Goedde, Hawkins, Hill, Ingram, Ipsen, Keough, King-Barrutia,
Little, Lodge, Marley, Noh, Richardson, Risch, Sandy, Schroeder,
Sims, Sorensen, Stegner, Stennett, Thorne, Wheeler, Williams
NAYS -- None
Absent and excused -- None
Floor Sponsor - Richardson
Title apvd - to House
03/14 To enrol
03/15 Rpt enrol - Sp signed
Pres signed
03/15 To Governor
03/21 Governor signed
Session Law Chapter 163
Effective: 07/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 692
BY APPROPRIATIONS COMMITTEE
1 AN ACT
2 APPROPRIATING MONEYS TO THE BOARD OF LAND COMMISSIONERS FOR THE ENDOWMENT FUND
3 INVESTMENT BOARD FOR FISCAL YEAR 2003; LIMITING THE NUMBER OF FULL-TIME
4 EQUIVALENT POSITIONS; PROVIDING A CONTINUOUS APPROPRIATION FOR CERTAIN
5 COSTS; AND EXPRESSING LEGISLATIVE INTENT REGARDING THE TRANSFER OF MONEYS
6 FROM THE EARNINGS RESERVE FUND TO THE INCOME FUNDS.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. There is hereby appropriated to the State Board of Land Com-
9 missioners for the Endowment Fund Investment Board the following amounts, to
10 be expended according to the designated expense classes from the listed funds
11 for the period July 1, 2002, through June 30, 2003:
12 FOR FOR FOR
13 PERSONNEL OPERATING CAPITAL
14 COSTS EXPENDITURES OUTLAY TOTAL
15 ENDOWMENT FUND INVESTMENT BOARD:
16 FROM:
17 Endowment Administrative
18 Fund $290,600 $152,200 $3,400 $446,200
19 Miscellaneous
20 Revenue Fund 99,400 40,900 1,100 141,400
21 TOTAL $390,000 $193,100 $4,500 $587,600
22 SECTION 2. In accordance with Section 67-3519, Idaho Code, the Endowment
23 Fund Investment Board is authorized no more than five (5) full-time equivalent
24 positions at any point during the period July 1, 2002, through June 30, 2003,
25 for the program specified in Section 1 of this act, unless specifically autho-
26 rized by the Governor. The Joint Finance-Appropriations Committee will be
27 notified promptly of any increased positions so authorized.
28 SECTION 3. The Endowment Fund Investment Board is hereby granted continu-
29 ous appropriation authority for moneys in the Endowment Administrative Fund
30 for consulting fees, bank custodial fees and portfolio-related external costs
31 for the period July 1, 2002, through June 30, 2003.
32 SECTION 4. It is legislative intent that for fiscal year 2003, the Endow-
33 ment Fund Investment Board transfer $63,238,000 as follows: $43,313,000 from
34 the Public School Earnings Reserve Fund to the Public School Income Fund;
35 $1,139,000 from the Agricultural College Earnings Reserve Fund to the Agricul-
36 tural College Income Fund; $4,070,000 from the Charitable Institutions Earn-
37 ings Reserve Fund to the Charitable Institutions Income Fund; $3,695,000 from
38 the Normal School Earnings Reserve Fund to the Normal School Income Fund;
39 $1,358,000 from the Penitentiary Earnings Reserve Fund to the Penitentiary
40 Income Fund; $4,254,000 from the Scientific School Earnings Reserve Fund to
41 the Scientific School Income Fund; $1,905,000 from the Mental Hospital Earn-
2
1 ings Reserve Fund to the Mental Hospital Income Fund; and $3,504,000 from the
2 University Earnings Reserve Fund to the University Income Fund.
| Statement of Purpose |
| RS11354 |
This is the fiscal year 2003 appropriation for the Endowment Fund Investment Board in the amount of $587,600 in dedicated funds. It is funded 76% by endowment administrative funds and 24% by state insurance funds. The budget includes a cap of 5 full-time equivalent positions and legislative intent for continuous appropriation authority for consulting fees, bank custodial fees, and portfolio-related external costs.
.
 
| FY 2002 Original Appropriation |
5.50 |
0 |
604,500 |
0 |
604,500 |
| Expenditure Adjustments |
(0.50) |
0 |
(15,100) |
0 |
(15,100) |
| FY 2002 Estimated Expenditures |
5.00 |
0 |
589,400 |
0 |
589,400 |
| Removal of One-Time Expenditures |
0.00 |
0 |
(9,000) |
0 |
(9,000) |
| FY 2003 Base |
5.00 |
0 |
580,400 |
0 |
580,400 |
| Personnel Cost Rollups |
0.00 |
0 |
1,700 |
0 |
1,700 |
| Inflationary Adjustments |
0.00 |
0 |
0 |
0 |
0 |
| Replacement Items |
0.00 |
0 |
4,500 |
0 |
4,500 |
| Nonstandard Adjustments |
0.00 |
0 |
1,000 |
0 |
1,000 |
| Change in Employee Compensation |
0.00 |
0 |
0 |
0 |
0 |
| Fund Shifts |
0.00 |
0 |
0 |
0 |
0 |
| FY 2003 Program Maintenance |
5.00 |
0 |
587,600 |
0 |
587,600 |
| Enhancements |
|
|
|
|
|
| Endowment Fund Investment Board |
|
|
|
|
|
| 1. Continuous Appropriation |
0.00 |
0 |
0 |
0 |
0 |
| FY 2003 Total |
5.00 |
0 |
587,600 |
0 |
587,600 |
| Chg from FY 2002 Orig Approp |
(0.50) |
0 |
(16,900) |
0 |
(16,900) |
| % Chg from FY 2002 Orig Approp. |
(9.1%) |
|
(2.8%) |
|
(2.8%) |
The bill also reflects legislative intent reaffirming the amounts the Land Board will transfer to the Endowment Income Funds for FY 2003. The transfers from the earnings reserves to the income funds for FY 2003 reflect a $4.3 million decrease for public schools and a $2.1 million decrease for the other endowment beneficiaries from the amount being transferred in the current year.
.
Contact: Ray Houston 334-4741
Legislative Services Office, Budget & Policy Analysis
| Statement of Purpose/Fiscal Note |
Bill No. H692 |