Print Friendly SENATE BILL NO. 1194 – Approp, Endowment Fund Investmt Bd
SENATE BILL NO. 1194
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S1194............................................................by FINANCE
APPROPRIATIONS - ENDOWMENT FUND INVESTMENT BOARD - Appropriates $556,100 to
the State Board of Land Commissioners for the Endowment Fund Investment
Board for fiscal year 2006; limits the number of full-time equivalent
positions to 4; provides for continuous appropriation authority for moneys
in the Endowment Administration Fund for consulting fees, bank custodial
fees and portfolio-related costs; provides legislative intent regarding the
transfer of moneys from the various earning reserve funds to the income
funds; and provides for transfers to the Agricultural College Earnings
Reserve Fund and the Charitable Institutions Earnings Reserve Fund.
03/14 Senate intro - 1st rdg - to printing
03/15 Rpt prt - to Fin
Rpt out - rec d/p - to 2nd rdg
03/16 2nd rdg - to 3rd rdg
03/17 3rd rdg - PASSED - 33-0-1, 1 vacancy
AYES -- Andreason, Brandt, Broadsword, Bunderson, Burtenshaw,
Cameron, Coiner, Compton, Corder, Darrington, Davis, Gannon, Geddes,
Goedde, Hill, Jorgenson, Kelly, Keough, Langhorst, Little, Lodge,
Malepeai, Marley, McGee, McKenzie, Pearce, Richardson, Schroeder,
Stegner, Stennett, Sweet, Werk, Williams
NAYS -- None
Absent and excused -- Burkett, (District 21 seat vacant)
Floor Sponsor - Cameron
Title apvd - to House
03/18 House intro - 1st rdg - to 2nd rdg
03/21 2nd rdg - to 3rd rdg
Rls susp - PASSED - 59-0-11
AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
Bedke, Bell, Bilbao, Block, Boe, Bolz, Bradford, Cannon, Chadderdon,
Clark, Collins, Denney, Edmunson(Barker), Ellsworth, Field(18),
Field(23), Garrett, Hart, Henbest, Henderson, Jaquet, Jones, Kemp,
LeFavour, Loertscher, Martinez, Mathews, McGeachin, McKague, Miller,
Moyle, Nielsen, Nonini, Pasley-Stuart, Pence, Raybould, Ringo,
Roberts, Rydalch, Sali, Sayler, Shepherd(2), Shepherd(8), Shirley,
Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail,
Wood, Mr. Speaker
NAYS -- None
Absent and excused -- Black, Crow, Deal, Eskridge, Harwood, Lake,
Mitchell, Ring, Rusche, Schaefer, Wills
Floor Sponsor - Bell
Title apvd - to Senate
03/22 To enrol
03/23 Rpt enrol - Pres signed
03/24 Sp signed
03/25 To Governor
03/28 Governor signed
Session Law Chapter 171
Effective: 07/01/05
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature First Regular Session - 2005
IN THE SENATE
SENATE BILL NO. 1194
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 2006; LIMITING THE NUMBER OF FULL-TIME
4 EQUIVALENT POSITIONS; PROVIDING A CONTINUOUS APPROPRIATION FOR CERTAIN
5 COSTS; EXPRESSING LEGISLATIVE INTENT REGARDING THE TRANSFER OF MONEYS FROM
6 THE EARNINGS RESERVE FUNDS TO THE INCOME FUNDS; DIRECTING THE STATE CON-
7 TROLLER TO TRANSFER GENERAL FUND MONEYS TO THE AGRICULTURAL COLLEGE EARN-
8 INGS RESERVE FUND; AND DIRECTING THE STATE CONTROLLER TO TRANSFER GENERAL
9 FUND MONEYS TO THE CHARITABLE INSTITUTIONS EARNINGS RESERVE FUND.
10 Be It Enacted by the Legislature of the State of Idaho:
11 SECTION 1. There is hereby appropriated to the State Board of Land Com-
12 missioners for the Endowment Fund Investment Board the following amounts to be
13 expended according to the designated expense classes from the listed funds for
14 the period July 1, 2005, through June 30, 2006:
15 FOR FOR FOR
16 PERSONNEL OPERATING CAPITAL
17 COSTS EXPENDITURES OUTLAY TOTAL
18 ENDOWMENT FUND INVESTMENT BOARD:
19 FROM:
20 Miscellaneous
21 Revenue Fund $109,500 $ 53,200 $2,400 $165,100
22 Endowment
23 Administrative
24 Fund 232,500 153,400 5,100 391,000
25 TOTAL $342,000 $206,600 $7,500 $556,100
26 SECTION 2. In accordance with Section 67-3519, Idaho Code, the Endowment
27 Fund Investment Board is authorized no more than four (4) full-time equivalent
28 positions at any point during the period July 1, 2005, through June 30, 2006,
29 for the program specified in Section 1 of this act, unless specifically autho-
30 rized by the Governor. The Joint Finance-Appropriations Committee will be
31 notified promptly of any increased positions so authorized.
32 SECTION 3. The Endowment Fund Investment Board is hereby granted continu-
33 ous appropriation authority for moneys in the Endowment Administrative Fund
34 for consulting fees, bank custodial fees and portfolio-related external costs
35 for the period July 1, 2005, through June 30, 2006.
36 SECTION 4. It is legislative intent that for fiscal year 2006, the Endow-
37 ment Fund Investment Board transfer $40,342,900 as follows: $23,087,100 from
38 the Public School Earnings Reserve Fund to the Public School Income Fund;
39 $3,205,600 from the Normal School Earnings Reserve Fund to the Normal School
40 Income Fund; $2,444,800 from the Penitentiary Earnings Reserve Fund to the
41 Penitentiary Income Fund; $2,848,500 from the Scientific School Earnings
2
1 Reserve Fund to the Scientific School Income Fund; $5,291,400 from the Mental
2 Hospital Earnings Reserve Fund to the Mental Hospital Income Fund; and
3 $3,465,500 from the University Earnings Reserve Fund to the University Income
4 Fund.
5 SECTION 5. Notwithstanding the provisions of Section 33-2913A(1), Idaho
6 Code, the State Controller shall transfer $2,130,000 from the General Fund to
7 the Agricultural College Earnings Reserve Fund on July 1, 2005.
8 SECTION 6. Notwithstanding the provisions of Section 66-1104(1), Idaho
9 Code, the State Controller shall transfer $2,470,000 from the General Fund to
10 the Charitable Institutions Earnings Reserve Fund on July 1, 2005.
| Statement of Purpose |
| RS14325 |
This is the fiscal year 2006 Appropriation Bill to the Land Board for the Endowment Fund Investment Board. The appropriation is in the amount of $556,100 of which $165,100 or 30% is from State Insurance Funds and $391,000 or 70% is from Endowment Administrative Funds. The bill includes a full-time equivalent position cap of four. Section 3 provides continuous spending authority for consulting fees, bank custodial fees and portfolio-related external costs for fiscal year 2006.
Section 4 includes legislative intent regarding the Endowment Fund Investment Board transfers that the JFAC took into account when setting agency budgets. It includes a Public School distribution of $23.1 million and pooled distributions of $17.2 million.
Section 5 transfers $2.13 million from the General Fund to the Agricultural College Earnings Reserve Fund and Section 6 transfers $2.47 million from the General Fund to the Charitable Institutions Earnings Reserve Fund. The distributions to the pooled endowments and the transfers of General Funds to the Earnings Reserve are part of a package of adjustments that, when taken with changes in the agency budgets, reallocate endowment and General Fund support to hold all beneficiaries harmless. This approach was taken in response to the Endowment Fund Investment Board’s action to cease distributions from the Ag College and Charitable Institutions Earnings Reserves until those funds can support distributions.
 
| FY 2005 Original Appropriation |
4.00 |
0 |
550,200 |
0 |
550,200 |
| HB 805 One-time 1% Salary Increase |
0.00 |
0 |
2,800 |
0 |
2,800 |
| FY 2005 Total Appropriation |
4.00 |
0 |
553,000 |
0 |
553,000 |
| Non-Cognizable Funds and Transfers |
0.00 |
0 |
0 |
0 |
0 |
| Budgeted Reversion |
0.00 |
0 |
(600) |
0 |
(600) |
| FY 2005 Estimated Expenditures |
4.00 |
0 |
552,400 |
0 |
552,400 |
| Removal of One-Time Expenditures |
0.00 |
0 |
(7,700) |
0 |
(7,700) |
| Base Adjustments |
0.00 |
0 |
500 |
0 |
500 |
| FY 2006 Base |
4.00 |
0 |
545,200 |
0 |
545,200 |
| Benefit Costs |
0.00 |
0 |
3,300 |
0 |
3,300 |
| Inflationary Adjustments |
0.00 |
0 |
0 |
0 |
0 |
| Replacement Items |
0.00 |
0 |
7,500 |
0 |
7,500 |
| Nonstandard Adjustments |
0.00 |
0 |
100 |
0 |
100 |
| Change in Employee Compensation |
0.00 |
0 |
0 |
0 |
0 |
| 27th Payroll |
0.00 |
0 |
0 |
0 |
0 |
| Fund Shifts |
0.00 |
0 |
0 |
0 |
0 |
| FY 2006 Total |
4.00 |
0 |
556,100 |
0 |
556,100 |
| Chg from FY 2005 Orig Approp |
0.00 |
0 |
5,900 |
0 |
5,900 |
| % Chg from FY 2005 Orig Approp. |
0.0% |
|
1.1% |
|
1.1% |
.
Contact: Ray Houston 334-4741
Legislative Services Office, Budget & Policy Analysis
| Statement of Purpose/Fiscal Note |
Bill No. S1194 |