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Endowment Fund Investment Board asks JFAC to approve $100,000 pay increase for two staff; governor omits request
Summary
Board leaders told the Joint Finance-Appropriations Committee the Endowment Fund Investment Board requested $100,000 in compensation to raise pay for two long‑serving staff members; the governor's recommendation did not include the requested compensation.
The Endowment Fund Investment Board requested that the Joint Finance‑Appropriations Committee approve $100,000 in additional compensation intended to raise salaries for two of its long‑tenured staff members, but the governor’s budget recommendation left the pay increase out.
Budget analyst Janet Jessup, a budget and policy analyst with the Legislative Services Office, told the committee the Endowment Fund Investment Board manages investments for state endowments and other statutorily specified funds and that its appropriation is funded primarily through dedicated endowment earnings and administrative funds. She directed committee members to the budget book pages that describe the board’s responsibilities and fund sources.
The request covered compensation increases aimed at two staffers the board said are materially under market pay. Thomas Wilford, chairman of the board, described the proposal as a multi‑year effort to correct pay disparities that date to a lower hiring rate when some senior staff were…
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