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Subcommittee questions use of $1 million arts endowment, requests investment return history
Summary
Members asked why eight public art projects funded by a $1 million endowment were not constructed, and requested return‑on‑investment data for the endowment accounts before approving a request to spend earnings and portions of principal.
The Senate appropriations subcommittee examined the Council on the Arts appropriation and asked why the eight regionally authorized public art pieces funded by a $1,000,000 endowment have not been constructed.
Senator Matherin asked the council to explain the history of the eight pieces and to justify whether converting endowment principal to construction funds is appropriate. Senator Davidson asked staff to provide investment return history from the Retirement Investment Office (RIO) and the State Investment Board (SIB) for both the older endowment and the newer fund, noting the newer fund has roughly 18 months of returns.
A staff member, Larry, said council representatives sought permission to use up to $380,000 for construction of pieces and to leave $50,000 for ongoing maintenance; the $50,000 would continue to support maintenance income. Committee members asked staff to supply the endowment performance history and the retirement/investment office returns for the committee’s next meeting.
The subcommittee did not adopt any appropriation changes during this session and will request the investment returns and additional history at a future hearing.
