Idaho Bills

Amends and adds to existing law to provide authority to administer programs associated with receipt of moneys and to add language regarding the use of payment methods; and to authorize interaccount transfers for services and related costs provided by the State Treasurer to state government departments.

Amends existing law to revise duties of the State Treasurer, to modernize language and to reflect current practices.

The purpose of this legislation is to modernize language and to reflect current practices. Section 2 is being changed to reflect modern practices and because a referenced section of Idaho Code has since been repealed. Section 3 is being updated to reflect current practices: Receipts are created by various sources and some are automated through bank files. Furthermore, receipts are numbered uniquely, but not sequentially. Section 8 is being updated to reflect that the Treasurer does not identify purpose of payments and cannot report which payments were specifically for the redemption of bonds. Section 10 is being updated because there is not a date prescribed in Code. Section 11 is being updated to reflect that with modern practices many writings and papers are in an electronic format.

Appropriates $4,203,500 to the State Treasurer for fiscal year 2018; limits the number of authorized full-time equivalent positions to 26; provides for reappropriation authority for the LGIP Fund; provides legislative intent regarding conference-related activities; provides legislative intent regarding payment of bank service fees; and provides legislative intent regarding mitigation of bank service fees.

This bill appropriates $4,203,500 to the State Treasurer for FY 2018 and caps the number of authorized full-time equivalent positions at 26.00. For program maintenance, the bill provides for the employer's share of increased benefit costs and statewide cost allocation. It includes an annualization and increase for the State Treasurer's salary changes, as provided by Section 59-501, Idaho Code. The bill also provides for an ongoing 3% merit-based increase in employee compensation for permanent employees to be distributed at the discretion of agency heads. The final maintenance adjustment provides $14,900 for cybersecurity insurance. One line item is included, which provides $135,900 from the Unclaimed Property Fund for an annual fee associated with a hosted unclaimed property management system. Under budget law exceptions, theStateTreasurerisprovidedwithcarryoverauthorityofunspentappropriationsfromFY2017fortheLocal Government Investment Pool (LGIP) Fund. The bill also expresses legislative intent regarding conference related activity, payment of bank service fees, and mitigation of bank service fees.

Amends existing law to provide that each fund invested by the State Treasurer shall be charged an investment administration fee.

The statutory authority for a number of funds invested by the Treasurer directs the earnings from the investment to a separate fund. The current language of Idaho Code Section 67-1210 allows the Treasurer to deduct investment administration fees only from a fund that receives income, which could prevent the deduction of administrative fees from funds that do not retain investment income. In addition, the language raises the issue of whether administrative fees can be deducted if there is no investment return as could occur in a down investment market. The proposed language clarifies that all funds invested by the Treasurer are subject to the investment administrative fee.