House Bill 686 Summary

• Appropriates $833,500 to the Endowment Fund Investment Board for fiscal year 2023 (July 1, 2022 through June 30, 2023), consisting of $652,800 for personnel costs, $178,700 for operating expenditures, and $2,000 for capital outlay.

• Limits the Endowment Fund Investment Board to no more than 4.00 full-time equivalent positions during the fiscal year 2023 period, unless specifically authorized by the Governor.

• Grants continuous appropriation authority for consulting fees, custodial fees, investment manager fees, and other portfolio-related external costs for fiscal year 2023.

• Requires the Endowment Fund Investment Board to transfer $100,315,000 from various earnings reserve funds to their corresponding income funds, including transfers from Public School, Agricultural College, Charitable Institutions, Normal School, Penitentiary, Scientific School, Mental Hospital, and University earnings reserves.

• Declares an emergency and makes the act effective on July 1, 2022.