Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Finance topic
No spam. Unsubscribe anytime.
Endowment Fund board asks for staff pay increases; governor declines compensation boost
Summary
At a Joint Finance-Appropriations Committee hearing, the Endowment Fund Investment Board described its responsibilities and defended a board-backed request to increase pay for two senior investment staff. The governor's budget recommendation did not include the requested compensation increases.
The Endowment Fund Investment Board told Idaho's Joint Finance-Appropriations Committee on Monday that it is seeking higher pay for two senior investment staff but that the governor's budget did not include the requested compensation increases.
Janet Jessup, budget and policy analyst with the Legislative Services Office, opened the committee briefing by laying out the board's role. "The Endowment Fund Investment Board is responsible for managing the investments of the land grant endowments, the state insurance fund, and other monies that are required or specified in code," she said.
Chris Anton, manager of investments for the Endowment Fund Investment Board, told the committee the board had endorsed the compensation recommendations but had not reached a final agreement with the governor's office and the Division of Human Resources. "Our board had always stood behind those recommendations," Anton said.
Thomas Wilford, chairman of the board, traced the request to earlier pay-setting decisions and turnover risk. He said the board believes replacement hiring would require higher pay than current levels. "If we had to replace him someday, that we would have to pay more than we're paying him," Wilford said, describing the board's rationale. He added that the board "accept[s] what the governor recommends."
Committee members pressed for specifics. Jessup's materials noted the agency's FY2026 request included roughly $100,000 in additional compensation to increase salaries for two staff members. Anton later provided more specific numbers to the committee, saying the board's internal request included roughly $54,800 for one longtime deputy investment officer and $28,400 for Anton, a different split than the round $100,000 shown on the slide materials.
Representatives of the governor's office urged caution. A budget official present said that, "based on DHR's analysis, Mr. Halverson was close to policy rate for his pay grade," and that state pay policy aims for internal equity across state agencies. The governor's recommendation supported certain operating and technical requests in the board's budget package but omitted the requested compensation increases.
Anton also highlighted the board's investment track record. "Since 2010, we've generated 2,500,000,000.0 in investment income. Our partners at the Department of Lands have generated over 700,000,000," he told the committee, noting the board manages a growing and more complex portfolio than when current staff were hired.
No formal action or vote occurred during the hearing. Committee members asked that the board chair be available for additional discussion as negotiations with the governor's office and DHR continue.
Why it matters: The Endowment Fund Investment Board manages assets that support public beneficiaries including higher education, hospitals and other state agencies. Compensation decisions for senior investment staff can affect continuity of management and the board's ability to recruit and retain experienced investment professionals.
