2003 Legislation
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SENATE BILL NO. 1146 – Approp, Endowment Fund Bd

SENATE BILL NO. 1146

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Daily Data Tracking History



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

Bill Text


                                                                        
                                                                        
  ||||              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 / Fiscal Impact


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.

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&nbsp

Fiscal Note
FTP  Gen  Ded  Fed  Total 


FY 2003 Original Appropriation 5.00  587,600  587,600 
Removal of One-Time Expenditures 0.00  (4,500)  (4,500) 


FY 2004 Base 5.00  583,100  583,100 
Personnel Cost Rollups 0.00 
Inflationary Adjustments 0.00 
Replacement Items 0.00  5,800  5,800 
Nonstandard Adjustments 0.00  17,600  17,600 
Change in Employee Compensation 0.00 
Fund Shifts 0.00 


FY 2004 Program Maintenance 5.00  606,500  606,500 



Enhancements          
Endowment Fund Investment Board          
 1. Continuous Appropriation 0.00 
 2. Upgrade Manager Position 0.00  14,000  14,000 
 3. Travel Costs 0.00  5,000  5,000 


FY 2004 Total 5.00  625,500  625,500 
Chg from FY 2003 Orig Approp 0.00  37,900  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.

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Contact: Ray Houston 334-4741

Legislative Services Office, Budget & Policy Analysis

Statement of Purpose/Fiscal Note Bill No. S1146