Idaho JFAC approves budget enhancements for finance and insurance departments

The Senate Finance Committee of Idaho convened on February 14, 2025, to discuss budget enhancements and allocations for various state departments for the fiscal year 2026. The meeting focused on requests from the Department of Finance, the Department of Insurance, the Office of the State Board of Education, and the State Independent Living Council.

The session began with the Department of Finance presenting a request for six full-time equivalent positions (FTEs) and a total budget enhancement of $888,800. The enhancements included positions for financial examiners with specific focuses on IT and cybersecurity, as well as a forensic accounting specialist. The governor recommended four of the six positions, excluding two for the Consumer Finance Bureau. A motion was made to approve the enhancements, which passed with a vote of 8-1 in the Senate and unanimously in the House.

Next, the Department of Insurance outlined its budget needs, requesting two additional FTEs and $533,400. This included funding for a staff actuary, a regulatory compliance specialist, and compensation increases for existing staff. The committee approved this request with similar voting outcomes as the previous motion.

The Office of the State Board of Education presented a budget for special programs, which included various educational initiatives and a total request of $1,414,100. The enhancements were aimed at workforce development and support for rural educators. This motion also passed with strong support from both chambers.

Finally, the State Independent Living Council requested a budget shift of $11,600 from dedicated funds to the general fund to cover health benefits and adjustments. This request was approved without objection.

Overall, the meeting resulted in significant budget enhancements across multiple departments, reflecting a commitment to improving financial oversight, educational support, and services for individuals with disabilities in Idaho. The committee's next steps will involve implementing these approved enhancements as part of the state's fiscal planning for the upcoming year.