[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6382883,"mediaKeyId","2126019-15d58adff742ff35c8974e59e9523054","parentId",2126019,"title","State treasurer seeks pay equity, IT funds and authority for cash‑management changes; bill would transfer unclaimed property program","audioSeconds",1264,"startMs",5405000,"endMs",6669000,"viewUrl","/Search/View?dp=1&key=2126019-15d58adff742ff35c8974e59e9523054&start=5405&end=6669","thumbnailUrl","https://assets.pipeline.soar.com/2126019-15d58adff742ff35c8974e59e9523054/thumbnail_5405000.jpg","articleUrl","/articles/6382883/North-Dakota/State-treasurer-seeks-pay-equity-IT-funds-and-authority-for-cashmanagement-changes-bill-would-transfer-unclaimed-property-program","mediaUrl","https://secure.pipeline.soar.com/6382883-e1c3c876a9531382236993f1c7ddcf72/orig.mp4?Expires=1771204290&Signature=GRH~uv02n5tSFr-U27e0WKFppvLMITqgRe00lqqOmmMpeYfvofoGniHmbUd-17BeaDumampO-UBQnz3F52sUB132sXgrFpbDccdcrxwdrmfsrf3gc5KuaNFHY9XWA9FdaF9QqTW8INg2U1UylyUiX9GKYEmbNGSfikqEB1nbMoOXEHLrwTaixgVw1756LBZ8fzF-TGppCvD0~BD3d7JxXC6yHDTVBIOVM7kI7haoGXjc-FR62-V1wlfwZ~KZ1TrjNX6~kNVATqBdvlu8oQ8OvUaOoLbF9aWZh5KqX0z40oQfsdc71LubW1ri2dpOdtYhKHU2Uc9UO4a7o9Rb-aLTnA__&Key-Pair-Id=KUT5TJCACFTXG","author","House Appropriations - Government Operations Division, ND","date","2025-01-13T00:00:00Z","article","House Bill 1005: State Treasurer Thomas Beadle testified before the House Appropriations Government Operations Division on the treasurer’s budget contained in HB1005 and discussed the office’s requests and several administrative proposals that appear in the executive recommendation.

What the treasurer requested: Beadle said his office had asked for $250,000 in salary equity funding to improve retention and bring staff pay closer to market; he said the Burgum administration’s executive recommendation (green sheets) included $100,000. He requested $110,000 for Information Technology Division (ITD) contracted programming hours in 2025–27 and a $7,000 adjustment tied to ITD rate changes. He also outlined support included in the governor’s budget for a cash management study implementation — $1.1 million in general funds that would provide two FTEs and about $400,000 in one‑time costs for software and setup — to advance statewide treasury and cash forecasting work.

Unclaimed property transfer: The executive recommendation included transferring the unclaimed property program from the Department of Trust Lands (Land Department) to the State Treasurer. Beadle said the transfer would carry existing staff and appropriation levels from the Land Department, plus one‑time funds in the executive package for minor office remodels to accommodate the additional personnel; he said the change was proposed as a red‑tape reduction item in the governor’s package and would not add net recurring FTEs beyond those moved.

CO2 payment in lieu of taxes and coal severance shortfall payments: Beadle described statutory duties the treasurer performs to make payments certified by the Tax Department. He said the treasurer must make CO2 pipeline payments in lieu of taxes and coal severance shortfall payments as certified, noted that payments are determined by tax‑department certification and must be paid (no discretionary authority), and summarized a December certification process that is the trigger for payments. The treasurer requested an appropriation estimate of $2 million for CO2 PILOT payments; he said the amount is an estimate and actual certified payments will determine the outlay.

Financial literacy and other functions: Beadle described the treasurer’s role in financial‑literacy initiatives, including the Smart with My Money platform and a financial literacy task force co‑chaired by the treasurer and Bank of North Dakota. He told members the office distributes more than $1.4 billion annually to political subdivisions, manages the state’s checking and investment processes and serves on boards including the State Investment Board and Teachers Fund for Retirement.

Staffing, vacancies and audit: Beadle said the office has seven FTEs and reported no vacancies at the hearing; he described recent turnover, maternity leaves and one difficult recruitment where the candidate accepted double the state pay at a county position. He said the State Auditor reported no internal control weaknesses in the latest audit covering fiscal year 2023.

FTE flexibility language in HB1005: Committee members raised concern about Section 4 language in HB1005 that would permit the treasurer to increase or decrease authorized FTE positions subject to availability of funds. Some members told Beadle they prefer to preserve committee control over FTE authorizations; others noted the provision has been proposed for other agencies and is intended to allow administrative flexibility. Beadle said he did not initiate that provision and had not been given advance notice that it would appear in the executive draft.

Next steps and follow up: Members asked for more detail on IT costs and the list of IT projects, the statutory basis and mechanics for settlement and special‑fund handling (as discussed earlier in the securities hearing), and more precise CO2 payment certifications from the Tax Department. Beadle said the Land Department’s unclaimed property director (if the transfer proceeds) would remain responsible for the program’s operations and that his office would support a smooth transition. The treasurer said he would provide requested documents and figures to the committee.

Ending: The committee did not take final action on HB1005 during the session and scheduled follow-up work as the budget process continues; members said they expect to compare the Burgum executive recommendation with the Armstrong administration budget once it is available.","mediaType","Video","parentTitle","House Appropriations - Government Operations Division Jan 13, 2025","oneSentenceSummary","House Bill 1005: State Treasurer Thomas Beadle testified to the House Appropriations Government Operations Division on the treasurer’s budget and several administrative proposals in the executive recommendation, including a requested $250,000 salary‑equity package and a proposal to transfer the unclaimed‑property program to the Treasurer's Office.","taxTitle","Appropriations - Government Operations Division, House of Representatives, Legislative, North Dakota","taxId",28887,"location","North Dakota","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6382886,"Securities department says fees cover its operations; commissioner details large fraud investigations and education fund payout",7804,1847000,9651000,"/Search/View?dp=1&key=2126019-15d58adff742ff35c8974e59e9523054&start=1847&end=9651","https://assets.pipeline.soar.com/2126019-15d58adff742ff35c8974e59e9523054/thumbnail_1847000.jpg","/articles/6382886/North-Dakota/Securities-department-says-fees-cover-its-operations-commissioner-details-large-fraud-investigations-and-education-fund-payout","https://secure.pipeline.soar.com/6382886-6c8e894e11e3d7312080460a2ddff4f4/orig.mp4?Expires=1771204290&Signature=gMHVwQKO8Hg50Q79ZDwUlu3ig0Qzg-rL9mVX2ctWkz0XKRZcV9Iyb~c9DZNeUuuix1C9Wbt9DjmwKIFHDJC-neeTKgxwqAZ-MFL8fkNJ0YLf67iK4KCaDLJ8trW01g8mBwEqTuyzmD-1wa1CIvixfn1pjYASUKeJF9FY9TS5SRWz2HOJ3OGCbsN2gEUiC7ekEFV7Z7AIgVT77j4XATvm-v-8Rwmh0NeZNlsNJeKWaFz225sjwL5RTvs-Ebj7plDl4AMrQ5hHZKZkvU3ly2ctyL6qmNBYwEzdvj1bdgz-ZkU2A1E0PRvu8uK0MM1xXDiBj6ywxxNkPCAf8ZDunBbbwA__&Key-Pair-Id=KUT5TJCACFTXG","House Bill 1011: The North Dakota Securities Department sought a $3,413,261 appropriation for the 2025–27 biennium at a hearing of the House Appropriations Government Operations Division on HB1011.

Tim Karski, North Dakota Securities Commissioner, told the committee the agency is largely self-funded and that \"the Securities Department is a small agency with 10 full time employees.\" He said the department's biennial request breaks down to $2,770,090 for salaries and wages and $643,171 for operating expenses, and that the agency expects revenue in the coming biennium \"to be equal or similar to the 2023–25 biennium of approximately $24,000,000.\" Karski said the department is on track in the current biennium to meet or exceed roughly $26 million in receipts.

Why it matters: The department licenses and examines broker‑dealers and investment advisers, investigates investment fraud and supports criminal prosecutions — functions that the commissioner said absorb most agency resources. Karski told the committee the department \"register[s] and regulate[s] the conduct of the securities industry firms and professionals who want to do business in the state\" and performs conduct-focused examinations and enforcement.

Major investigations and restitution: Karski described two large investigations during 2023–24. He said the agency worked with federal and other state regulators on a nationwide Ponzi scheme that he described as involving about $130 million nationally and said North Dakota investors were among the most affected, with \"approximately $45,000,000\" in investor losses. Candace Johnson, a department staff member who worked on the case, said a federally appointed receiver is managing asset recovery and that the amount recoverable for investors is \"yet to be determined.\" Representative Meyer asked when the activity began; Johnson said the scheme dated to early 2023.

Settlement funds and education: Committee members asked about a multistate settlement involving Edward Jones. Karski said the company cooperated and that the state’s share \"is what's in the press release,\" and that those monies will be used for investor education programs. He told the committee the settlement amount going to education was determined as part of the multistate agreement rather than by the department. Representative Fisher asked why some settlement proceeds go into an education fund rather than the general fund; Brady Larson of the Legislative Council confirmed settlements and certain restitution/education receipts can be deposited to statutorily authorized special funds managed by the Securities Department.

Industry snapshot and fees: Karski described the department's revenue sources: securities registration/filings and registration of industry firms and professionals. He said the department handled automated renewals through the Central Registration Depository (CRD) and cited a recent renewal payment of over $7,800,000 for roughly 124,255 renewals. Committee members asked how fees are set; Karski and staff said many fees are established by statute.

Staffing and operations: Karski said the department has four vacant positions, is rebuilding after years of limited turnover followed by a wave of retirements, and requested modest operating flexibility. He described work to hire an attorney and investigators and said some legal work is charged hourly through the Attorney General's Office. On the budget's operating side, Karski asked the committee to consider adding $30,000 in operating funds to cover outside-attorney costs tied to complex investigations; he said he would follow up with details. Cody Schmidt, an examiner/investigator, confirmed licensing fees for industry professionals (agents and investment advisers) and answered member questions about fee levels.

Fintech, social media and crypto risks: Karski told members fintech innovations pose new regulatory challenges, including crypto, social-media‑driven trading, token offerings and related fraud. He described how fraudsters use social platforms and fake trading sites to lure victims, often promising short-term trading gains, then require additional payments to withdraw funds — a pattern that can disproportionately harm seniors. Several legislators urged continued focus on staffing and technical expertise as these risks evolve.

Committee process: The clerk read HB1011 and opened the public hearing; committee members questioned the commissioner but no final vote on the bill was recorded during the hearing.

Ending: Karski concluded by offering to provide requested materials and follow-up figures to the committee, and the division recessed to take up additional agenda items.","House Bill 1011: The North Dakota Securities Department sought a $3,413,261 appropriation for the 2025–27 biennium at a hearing of the House Appropriations Government Operations Division on HB1011.","actionData","errors"]

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State treasurer seeks pay equity, IT funds and authority for cash‑management changes; bill would transfer unclaimed property program

Securities department says fees cover its operations; commissioner details large fraud investigations and education fund payout