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House committee approves RIO budget amendment; members fund searches, an internal auditor and software review
Summary
The Government Operations section approved an amendment to the Retirement and Investment Office budget and advanced House Bill 1022 after debate over $200,000 for executive searches, a new internal auditor FTE and consultant funds for a software modernization study.
The Government Operations section of the House Appropriations Committee recalled its Oct. 22 session to consider the Retirement and Investment Office (RIO) budget and related amendment. After discussion, the committee adopted amendment 25.0161S and gave House Bill 1022 a due-pass recommendation as amended; the roll calls show both motions carried 6-0 with one member absent.
“Historically, from what I’ve seen at RIO, the only time we’ve ever used or dipped into those funds is for recruitment efforts,” Rachel Kametz, interim CFO/COO for the Retirement Investment Office, told the committee while explaining a $200,000 contingencies line that has appeared in the office base budget. Committee members asked why the line is labeled “contingencies” and whether it could be retitled to clarify that the appropriation is primarily for executive search costs; fiscal staff said it could be relabeled but that a narrower description would make the…
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