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State Land Department seeks new revenue‑development officer and unclaimed property compliance FTE; highlights Common Schools Trust Fund growth
Summary
The State Land Department presented fund balances and proposed two revenue‑generating positions — a diversified revenues officer and an unclaimed property compliance officer — and summarized the Common Schools Trust Fund's growth and distribution impact on state school aid.
A State Land Department representative provided the committee with an updated snapshot of permanent fund balances, discussed the Common Schools Trust Fund’s growth and distribution trends, and proposed two new positions aimed at revenue generation and compliance. The presenter described the Common Schools Trust Fund balance, the distribution formula used for certain trust funds and the fund’s increasing share of school aid.
On diversification, the department proposed hiring a "diversified revenues officer" (business development role) to pursue new revenue streams for trust lands beyond oil and gas. The department presented conservative 10‑year projections built from illustrative development scenarios — wind turbines, soil carbon sequestration projects, carbon injection, critical mineral projects, data centers and large industrial sites — and projected that, if several small projects were secured over a decade, revenues could substantially exceed the position’s total compensation over time. Committee members suggested coordinating with Commerce and exploring shared approaches.
The department also proposed an unclaimed property compliance officer to increase holder reporting and recover unclaimed assets. Staff said third‑party auditors now handle many national audits; the proposed position would focus on regional and local holders and education. The department projected that adding more holder reports (they estimated about $6,500 per additional holder report) could yield roughly $1 million a year if reporting increased and projected multi‑year revenue growth; staff presented a 10‑year projection figure during the hearing. The department said it would still use third‑party auditors for national examinations.
Officials also reviewed the trust fund portfolio returns historically (a since‑inception average of about 6.5% back to 1995) and said recent asset allocation changes—more private equity and credit—aim to raise long‑term returns toward 7–7.5%. Committee members asked for historic per‑pupil payment data and asked staff to provide additional documentation for floor debate. No formal vote occurred on the requested positions during the hearing.
