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F I S C A L I M P A C T R E P O R T
SPONSOR Leavell
ORIGINAL DATE
LAST UPDATED
1/23/08
HB
SHORT TITLE Additional Investment Council Member
SB 150
ANALYST Francis
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY08
FY09
NFI
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
State Investment Council (SIC)
SUMMARY
Synopsis of Bill
Senate Bill 150 adds an additional member to the State Investment Council (SIC). The new
member would be a public member with at least 15 years of professional investment or financial
experience. The chair of the Legislative Finance Committee would appoint the new member.
There is no effective date so the amendment would be effective May 14, 2008.
FISCAL IMPLICATIONS
The fiscal impact to the land grant permanent fund, where SIC receives its funding, is limited to
the per diem of an extra member as well as production costs to provide the new member with
publications and reports produced by SIC. SIC reports the additional costs will be minimal.
ADMINISTRATIVE IMPLICATIONS
SIC:
SB 150 would add a 10th member to the Council. SB 150 does not specify what course
of action would be available to the Council should members vote to a tie and deadlock on
an action item.
pg_0002
Senate Bill 150 Page
2
Achieving a quorum for Council meetings under SB 150 would become more difficult,
with a requirement of 4 out of 5 public members rather than 3 out of 4. Currently this can
be challenging due to the busy schedules of the professionals on the Council, and the
statutorily mandated meetings approximately once a month, or 12 times a year.
NF/nt