Print Friendly SENATE BILL NO. 1146 – Approp, Endowment Fund Bd
SENATE BILL NO. 1146
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S1146............................................................by FINANCE
APPROPRIATIONS - ENDOWMENT FUND INVESTMENT BOARD - Appropriates $625,500 to
the State Board of Land Commissioners for the Endowment Fund Investment
Board for fiscal year 2004; 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.
03/06 Senate intro - 1st rdg - to printing
03/07 Rpt prt - to Fin
03/07 Rpt out - rec d/p - to 2nd rdg
03/10 2nd rdg - to 3rd rdg
03/11 3rd rdg - PASSED - 32-1-2
AYES -- Andreason, Bailey, Brandt, Bunderson, Burkett, Burtenshaw,
Calabretta, Cameron, Compton, Darrington, Gannon, Geddes, Goedde,
Hill, Ingram, Kennedy, Keough, Little, Lodge, Malepeai, Marley,
McKenzie, McWilliams, Noble, Noh, Pearce, Richardson, Sorensen,
Stegner, Sweet, Werk, Williams
NAYS -- Schroeder
Absent and excused -- Davis, Stennett
Floor Sponsor - Calabretta
Title apvd - to House
03/12 House intro - 1st rdg - to 2nd rdg
03/13 2nd rdg - to 3rd rdg
03/17 3rd rdg - PASSED - 55-10-5
AYES -- Barrett, Bedke, Bell, Black, Block, Boe, Bolz, Bradford,
Campbell, Cannon, Clark, Collins, Denney, Douglas, Edmunson,
Ellsworth, Eskridge, Field(18), Field(23), Gagner, Garrett, Harwood,
Henbest, Jaquet, Jones, Kellogg, Kulczyk, Lake, Langhorst, Martinez,
Meyer, Miller, Mitchell, Moyle, Naccarato, Raybould, Ridinger, Ring,
Ringo, Roberts, Robison, Rydalch, Sali, Sayler, Shepherd, Shirley,
Skippen, Smith(24), Smylie, Snodgrass, Stevenson, Tilman, Trail,
Wills, Mr. Speaker
NAYS -- Barraclough, Bauer, Crow, Cuddy, Langford, McGeachin,
McKague, Nielsen, Schaefer, Wood
Absent and excused -- Andersen, Bieter, Deal, Eberle, Smith(30)
Floor Sponsor - Bolz
Title apvd - to Senate
03/19 To enrol
03/20 Rpt enrol - Pres signed
03/21 Sp signed
03/24 To Governor
03/28 Governor signed
Session Law Chapter 173
Effective: 07/01/03
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
IN THE SENATE
SENATE BILL NO. 1146
BY FINANCE COMMITTEE
1 AN ACT
2 APPROPRIATING MONEYS TO THE BOARD OF LAND COMMISSIONERS FOR THE ENDOWMENT FUND
3 INVESTMENT BOARD FOR FISCAL YEAR 2004; 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 FUNDS 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, 2003, through June 30, 2004:
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 $296,600 $171,600 $4,300 $472,500
19 Miscellaneous
20 Revenue Fund 107,400 44,100 1,500 153,000
21 TOTAL $404,000 $215,700 $5,800 $625,500
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, 2003, through June 30, 2004,
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, 2003, through June 30, 2004.
32 SECTION 4. It is legislative intent that for fiscal year 2004, the Endow-
33 ment Fund Investment Board transfer $55,105,000 as follows: $37,750,000 from
34 the Public School Earnings Reserve Fund to the Public School Income Fund;
35 $960,000 from the Agricultural College Earnings Reserve Fund to the Agricul-
36 tural College Income Fund; $3,430,000 from the Charitable Institutions Earn-
37 ings Reserve Fund to the Charitable Institutions Income Fund; $3,195,000 from
38 the Normal School Earnings Reserve Fund to the Normal School Income Fund;
39 $1,215,000 from the Penitentiary Earnings Reserve Fund to the Penitentiary
40 Income Fund; $3,785,000 from the Scientific School Earnings Reserve Fund to
41 the Scientific School Income Fund; $1,660,000 from the Mental Hospital Earn-
2
1 ings Reserve Fund to the Mental Hospital Income Fund; and $3,110,000 from the
2 University Earnings Reserve Fund to the University Income Fund.
| Statement of Purpose |
| RS12257 |
This is the fiscal year 2004 appropriation for the Endowment Fund Investment Board in the amount of $625,500 in dedicated funds. It is funded 74% by endowment administrative funds and 26% 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 2003 Original Appropriation |
5.00 |
0 |
587,600 |
0 |
587,600 |
| Removal of One-Time Expenditures |
0.00 |
0 |
(4,500) |
0 |
(4,500) |
| FY 2004 Base |
5.00 |
0 |
583,100 |
0 |
583,100 |
| Personnel Cost Rollups |
0.00 |
0 |
0 |
0 |
0 |
| Inflationary Adjustments |
0.00 |
0 |
0 |
0 |
0 |
| Replacement Items |
0.00 |
0 |
5,800 |
0 |
5,800 |
| Nonstandard Adjustments |
0.00 |
0 |
17,600 |
0 |
17,600 |
| Change in Employee Compensation |
0.00 |
0 |
0 |
0 |
0 |
| Fund Shifts |
0.00 |
0 |
0 |
0 |
0 |
| FY 2004 Program Maintenance |
5.00 |
0 |
606,500 |
0 |
606,500 |
| Enhancements |
|
|
|
|
|
| Endowment Fund Investment Board |
|
|
|
|
|
| 1. Continuous Appropriation |
0.00 |
0 |
0 |
0 |
0 |
| 2. Upgrade Manager Position |
0.00 |
0 |
14,000 |
0 |
14,000 |
| 3. Travel Costs |
0.00 |
0 |
5,000 |
0 |
5,000 |
| FY 2004 Total |
5.00 |
0 |
625,500 |
0 |
625,500 |
| Chg from FY 2003 Orig Approp |
0.00 |
0 |
37,900 |
0 |
37,900 |
| % Chg from FY 2003 Orig Approp. |
0.0% |
|
6.4% |
|
6.4% |
The bill also reflects legislative intent reaffirming the amounts the Land Board will transfer to the Endowment Income Funds for FY 2004. The transfers from the earnings reserves to the income funds for FY 2004 reflect a $5.6 million decrease for public schools and a $2.6 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. S1146 |