2006 Legislation
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HOUSE BILL NO. 797 – Approp, Endowment Fund Investmt Bd

HOUSE BILL NO. 797

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Bill Status



H0797.....................................................by APPROPRIATIONS
APPROPRIATIONS - ENDOWMENT FUND INVESTMENT BOARD - Appropriates $621,900 to
the State Board of Land Commissioners for the Endowment Fund Investment
Board for fiscal year 2007; 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 directs the allocation of salary savings.
                                                                        
03/10    House intro - 1st rdg - to printing
03/13    Rpt prt - to 2nd rdg
03/14    2nd rdg - to 3rd rdg
03/15    3rd rdg - PASSED - 63-0-7
      AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
      Bedke, Bell, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford,
      Cannon, Chadderdon, Clark, Collins, Deal, Denney, Edmunson, Eskridge,
      Field(18), Field(23), Garrett, Hart, Harwood, Henbest, Henderson,
      Jaquet, Kemp, Lake, LeFavour, Loertscher, Martinez, Mathews,
      McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen, Pasley-Stuart,
      Pence, Raybould, Ringo, Rusche, Rydalch, Sayler, Schaefer,
      Shepherd(2), Shepherd(8), Shirley, Skippen, Smith(30), Smylie,
      Snodgrass, Stevenson, Trail, Wills, Wood, Mr. Speaker
      NAYS -- None
      Absent and excused -- Crow, Ellsworth, Nonini, Ring, Roberts, Sali,
      Smith(24)
    Floor Sponsor - Harwood
    Title apvd - to Senate
03/16    Senate intro - 1st rdg - to Fin
03/17    Rpt out - rec d/p - to 2nd rdg
03/20    2nd rdg - to 3rd rdg
03/22    3rd rdg - PASSED - 35-0-0
      AYES -- Andreason, Brandt, Broadsword, Bunderson, Burkett(Clark),
      Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis,
      Fulcher, 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 -- None
    Floor Sponsor - Marley
    Title apvd - to House
03/23    To enrol
03/24    Rpt enrol - Sp signed
03/27    Pres signed
03/28    To Governor
03/31    Governor signed
         Session Law Chapter 327
         Effective: 07/01/06

Bill Text


                                                                        
                                                                        
  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                 Second Regular Session - 2006
                                                                        
                                                                        
                              IN THE HOUSE OF REPRESENTATIVES
                                                                        
                                     HOUSE BILL NO. 797
                                                                        
                                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 2007; 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; AND DIRECTING THE  ALLOCA-
  7        TION OF SALARY SAVINGS.
                                                                        
  8    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  9        SECTION  1.  There  is hereby appropriated to the State Board of Land Com-
 10    missioners for the Endowment Fund Investment Board the following amounts to be
 11    expended according to the designated expense classes from the listed funds for
 12    the period July 1, 2006, through June 30, 2007:
 13                           FOR            FOR            FOR
 14                        PERSONNEL      OPERATING       CAPITAL
 15                          COSTS       EXPENDITURES     OUTLAY        TOTAL
 16    ENDOWMENT FUND INVESTMENT BOARD:
 17    FROM:
 18    Miscellaneous
 19     Revenue Fund       $122,500        $ 65,100       $ 3,500      $191,100
 20    Endowment
 21     Administrative
 22     Fund                246,400         177,500         6,900       430,800
 23      TOTAL             $368,900        $242,600       $10,400      $621,900
                                                                        
 24        SECTION 2.  In accordance with Section 67-3519, Idaho Code, the  Endowment
 25    Fund Investment Board is authorized no more than four (4) full-time equivalent
 26    positions  at any point during the period July 1, 2006, through June 30, 2007,
 27    for the program specified in Section 1 of this act, unless specifically autho-
 28    rized by the Governor. The  Joint  Finance-Appropriations  Committee  will  be
 29    notified promptly of any increased positions so authorized.
                                                                        
 30        SECTION 3.  The Endowment Fund Investment Board is hereby granted continu-
 31    ous  appropriation  authority  for moneys in the Endowment Administrative Fund
 32    for consulting fees, bank custodial fees and portfolio-related external  costs
 33    for the period July 1, 2006, through June 30, 2007.
                                                                        
 34        SECTION 4.  It is legislative intent that for fiscal year 2007, the Endow-
 35    ment  Fund  Investment Board transfer $35,845,600 as follows: $24,648,200 from
 36    the Public School Earnings Reserve Fund to  the  Public  School  Income  Fund;
 37    $661,200  from  the Agricultural College Earnings Reserve Fund to the Agricul-
 38    tural College Income Fund; $2,361,300 from the Charitable  Institutions  Earn-
 39    ings  Reserve Fund to the Charitable Institutions Income Fund; $2,115,700 from
 40    the Normal School Earnings Reserve Fund to  the  Normal  School  Income  Fund;
 41    $809,300  from  the  Penitentiary  Earnings  Reserve  Fund to the Penitentiary
                                                                        
                                           2
                                                                        
  1    Income Fund; $2,375,800 from the Scientific School Earnings  Reserve  Fund  to
  2    the  Scientific  School Income Fund; $1,051,500 from the Mental Hospital Earn-
  3    ings Reserve Fund to the Mental Hospital Income Fund; and $1,822,600 from  the
  4    University Earnings Reserve Fund to the University Income Fund.
                                                                        
  5        SECTION 5. The Endowment Fund Investment Board is hereby directed to allo-
  6    cate  salary  savings,  based  on  performance, to provide for employee salary
  7    needs before other operational budget priorities are considered. Where  appli-
  8    cable,  employees  whose salaries are below the midpoint of their pay grade or
  9    occupational groups with significant turnover rates shall be considered  first
 10    in the order of salary savings distributions.

Statement of Purpose / Fiscal Impact


Statement of Purpose
RS15264

This is the fiscal year 2007 Appropriation Bill to the Land Board for the Endowment Fund Investment Board. The appropriation is in the amount of $621,900 of which $191,100 or 31% is from State Insurance Funds and $430,800 or 69% 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 2007.

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 $24.7 million and pooled distributions of $11.2 million.

Section 5 directs the allocation of salary savings, based on performance, to provide for salary needs.

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Fiscal Note
FTP  Gen  Ded  Fed  Total 


FY 2006 Original Appropriation 4.00  568,200  568,200 
HB 395 One-time 1% Salary Increase 0.00  3,200  3,200 
Omnibus CEC Supplemental 0.00  3,400  3,400 


FY 2006 Total Appropriation 4.00  574,800  574,800 
Removal of One-Time Expenditures 0.00  (22,800)  (22,800) 


FY 2007 Base 4.00  552,000  552,000 
Benefit Costs 0.00  (2,200)  (2,200) 
Inflationary Adjustments 0.00  3,900  3,900 
Replacement Items 0.00  10,400  10,400 
Statewide Cost Allocation 0.00  32,100  32,100 
Change in Employee Compensation 0.00 


FY 2007 Program Maintenance 4.00  596,200  596,200 



Enhancements          
Endowment Fund Investment Board          
 1. Dedicated Fund Shift 0.00 
 2. Continuous Appropriation 0.00 
 3. Manager of Investments Salary 0.00  14,000  14,000 
 4. Administrative Assistant Salary 0.00  11,700  11,700 


FY 2007 Total 4.00  621,900  621,900 
Chg from FY 2006 Orig Approp 0.00  53,700  53,700 
% Chg from FY 2006 Orig Approp. 0.0%    9.5%    9.5% 

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Contact: Ray Houston 334-4741

Legislative Services Office, Budget & Policy Analysis

Statement of Purpose/Fiscal Note Bill No. H797