2005 Legislation
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SENATE BILL NO. 1194 – Approp, Endowment Fund Investmt Bd

SENATE BILL NO. 1194

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Bill Status



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

Bill Text


                                                                        
                                                                        
  ]]]]              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 / Fiscal Impact


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.

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Fiscal Note
FTP  Gen  Ded  Fed  Total 


FY 2005 Original Appropriation 4.00  550,200  550,200 
HB 805 One-time 1% Salary Increase 0.00  2,800  2,800 


FY 2005 Total Appropriation 4.00  553,000  553,000 
Non-Cognizable Funds and Transfers 0.00 
Budgeted Reversion 0.00  (600)  (600) 


FY 2005 Estimated Expenditures 4.00  552,400  552,400 
Removal of One-Time Expenditures 0.00  (7,700)  (7,700) 
Base Adjustments 0.00  500  500 


FY 2006 Base 4.00  545,200  545,200 
Benefit Costs 0.00  3,300  3,300 
Inflationary Adjustments 0.00 
Replacement Items 0.00  7,500  7,500 
Nonstandard Adjustments 0.00  100  100 
Change in Employee Compensation 0.00 
27th Payroll 0.00 
Fund Shifts 0.00 


FY 2006 Total 4.00  556,100  556,100 
Chg from FY 2005 Orig Approp 0.00  5,900  5,900 
% Chg from FY 2005 Orig Approp. 0.0%    1.1%     1.1%  

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Contact: Ray Houston 334-4741

Legislative Services Office, Budget & Policy Analysis

Statement of Purpose/Fiscal Note Bill No. S1194