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Land Board Hearing Recap

Tuesday, February 21, 2023 

• All members were present
• Review the Final Agenda
• Download the Meeting Materials

Department Report

• Timber

  • Attachment: Trust Land – Timber Sales

  • Governor Brad Little asked about the star on the map representing a timber sale in the middle of Valley County. Director Dustin Miller stated it was the Fools Gold Ton sale out of the Payette Area Office that did not sell last month.

  • Superintendent of Public Instruction Debbie Critchfield asked if the decisions made by the Land Board impacts the numbers seen on the graph on page 3, or if it is the market that makes the determination. The director noted IDL is at the mercy of the market for most and given the market price, the stumpage price has gone up. He said adding more stumpage is good as long as there are people to buy it. He noted the Land Board makes the decision on the Asset Management Plan and plays a huge role in making sure IDL policy is correct and that the FAMP and increasing volume is the correct plan for the market and for increasing income.

• Leases & Permits

  • Attachment: Trust Land – Leases and Permits

  • Controller Brandon Woolf asked about the $183 thousand listed for real estate services. The director stated it was VAFO and other real estate activities.

• Land Bank Fund

  • Attachment: Status Update - Land Bank Fund

  • The Controller asked about the interest on the Land Bank Funds. The director stated the fund is held in the Treasurer’s Office, but that he would find out and get back with him.

• Legislative Summary
  

  • Attachment: Status Update - Legislative Summary

  • The Governor asked if the rules were held or tabled. The director stated they were held.

• Resource Protection and Assistance Report

  • Attachment: Status Update - Resource Protection and Assistance Bureau Biannual Report.

  • The Controller asked about the buoy discussions on the Coeur d’Alene River. Division Administrator Mick Thomas said there is no indication of problems on the horizon.

Endowment Fund Investment Board

• EFIB Manager's Report
  • Attachment: EFIB Manager's Report
  • No questions
• EFIB Investment Report

  • Attachment: EFIB Investment Report

  • The Controller asked if there are any concerns with any fund managers. EFIB Manager Chris Anton stated they continue to watch Sands Capital. He noted they are finally starting to improve but are still below benchmark but that the whole growth market has been down.

  • The Governor asked how often they mark the real estate to market. Anton said it is done every quarter.

  • The Controller asked about CBRE Core Partners Real Estate. Anton said it is an outstanding fund. He noted they are transitioning from the UBS Trumbull Property Fund into the CBRE fund. He said the timing hasn’t been great. They are evaluated quarterly and CBRE had write downs in the fourth quarter. Anton has confidence in the CBRE fund long term but initial performance doesn’t look outstanding.

  • Secretary of State Phil McGrane asked why the real estate market is not performing as well on benchmarks as others. Anton stated half the real estate is held in the UBS Trumbull Property fund which is not an equity fund but a leverage loan fund with a lower performance and lower returns. EFIB is transitioning out of Trumbull and into CBRE.

     

Consent Agenda

• Consent agenda approved 5-0

Regular Agenda

Approval of Elk Hyde Timber Sale

• Attachment: Approval of Elk Hyde Timber Sale

• Approved 5-0

• No questions

Information Agenda

• none

Executive Session

• none

Adjournment