Tuesday, June 20, 2023
Department Report
Endowment Fund Investment Board
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EFIB Manager's Report
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EFIB Investment Report
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Attachment: EFIB Investment Report
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Governor Brad Little asked if endowment money would be pulled out the market during the process of replacing Sands. EFIB Manager Chris Anton said it would not be. Sands would continue to manage that fund until it is time to make the switch and there will be a transition day.
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Controller Brandon Woolf asked about the transition process. Anton stated they would receive two independent search books from Callan with 8-10 prospects in each. The EFIB would then narrow it down to 3 or 4 and conduct interviews. If a decision is made from that process, it then moves into the legal agreement process negotiating the engagement agreement, the transition would then take place.
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The Governor asked how current the real estate is and how often is it marked to market. He wanted to know if we are behind the real value of the real estate. Anton said there are two real estate managers DWS and EBRE and they conduct appraisals quarterly. Each quarter appraisals and the market value of the investments are compared and adjusted accordingly. Both have recently taken write-downs of about 10-12% due to inflation and mortgage rates. Income offsets the market value write-downs.
Information Agenda
Pre-Season Fire Forecast/Update
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Predictive Services Forecast
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Attachment: Predictive Services Forecast
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Superintendent of Public Schools Debbie Critchfield asked about the classification areas of in drought/out of drought and the metrics that define it. NIFC Meteorologist Nick Nauslar said they are put together by a host of authors from across the U.S. looking at rainfall, soil moisture, agricultural factors and stream flows. Based on that and past conditions they delineate the classifications.
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The Superintendent noted how an area can be out of drought one month but in drought a few months later. Nauslar confirmed it can quickly change.
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Resource Readiness
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Attachment: Resource Readiness
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The Controller asked about the length of term for aviation contracts. Fire Management Bureau Chief Josh Harvey stated the contracts are for 89 days.
- Controller asked if the contracts go up for bid each year or if they are renewed. Harvey said the contracts are for three years, but can be extended, then they go up for bid.
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The Governor asked about the timing of measuring fuels in timber. Harvey said measurements are done through out the year during prescribed burns. He noted the NIFC website that tracks live and fuel moistures is also followed closely.
- The Governor asked if some of the northern fuels are dryer than normal or if there was less snow. Harvey said they watch dead fuels closer to fire season.
Consent Agenda
- Consent agenda approved 5-0
Results of May 15, 2023 Minerals Lease Live Auction
Strategic Plan FY2024-FY2027
State Membership in Timber Protective Associations
Deficiency Warrant Authority for FY2024 Fire Suppression
Executive Session
Performance Evaluation – Director, Department of Lands Idaho Code § 74-206(1)(b) – to consider the evaluation, dismissal or disciplining of, or to hear complaints or charges brought against, a public officer, employee, staff member or individual agent, or public school student.
Bear Lake Management Idaho Code § 74-206(1)(f) – to communicate with legal counsel for the public agency to discuss the legal ramifications of and legal options for pending litigation, or controversies not yet being litigated but imminently likely to be litigated. The mere presence of legal counsel at an executive session does not satisfy this requirement.
Regular Agenda
Personnel Matter
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No Attachments
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Approved 4-0
Bear Lake Management (Order and MOU)
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Bear Lake County Sheriff Bart Heslington spoke in favor of the MOU. He thinks public use comes with responsibility and needs enforcement and a funding mechanism.
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Bear Lake County Commissioner Rex Payne spoke in support of the MOU and noted recreational uses of the lake has grown.
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Citizen Claudia Waddell spoke in support of the MOU. She would like to see the lakebed treated with the respect it deserves so it can continue to be enjoyed for years to come.
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The Controller appreciated the hard work department and the work of county in this agreement. His motion included striking paragraph 4 of the MOU and adding an end date of April 2024. He noted this gives time to possibly work with the legislature.
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The Governor noted problems associated with the use and recreation on endowment lands continues to be magnified. IDL doesn’t have the resource to patrol it all. The sunset allows the board and IDL to work with the legislature to make sure everything lines up with state law. He added and it is important to consider possible ramifications on all endowment lands and the fair way to fulfil the trust obligation and preserve the resources.
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