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ID S1150
Bill
AI Summary
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Appropriates $602,700 to the Endowment Fund Investment Board for fiscal year 2012, including $384,700 for personnel costs, $212,000 for operating expenditures, and $6,000 for capital outlay from the Miscellaneous Revenue Fund and Endowment Administrative Fund.
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Limits the Endowment Fund Investment Board to no more than 4 full-time equivalent positions during July 1, 2011 through June 30, 2012, unless specifically authorized by the Governor, with prompt notification required to the Joint Finance-Appropriations Committee.
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Grants continuous appropriation authority to the Endowment Fund Investment Board for consulting fees, bank custodial fees, and portfolio-related external costs for fiscal year 2012.
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Directs the Endowment Fund Investment Board to transfer $46,041,000 from various Earnings Reserve Funds to corresponding Income Funds for fiscal year 2012, including transfers from Public School ($31,292,400), Agricultural College ($850,800), Charitable Institutions ($2,964,000), Normal School ($2,661,600), Penitentiary ($1,040,400), Scientific School ($2,984,400), Mental Hospital ($1,917,600), and University ($2,329,200) reserves.
Legislative Description
Appropriates $602,700 to the Endowment Fund Investment Board for fiscal year 2012; provides a full-time positions cap of 4; authorizes continuous appropriation authority for certain costs; and expresses legislative intent with regard to transfers from the earnings reserve funds to the income funds.
APPROPRIATIONS
Last Action
Governor signed Session Law Chapter 146 Effective: 07/01/11
3/29/2011