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Committee approves changes to spending policy rules for certain state endowments
Summary
Senate File 70 would move some state funds toward an endowment-style spending policy using multi-year averages to stabilize grant income; the committee approved the bill after agency testimony about predictability for grant programs.
The Senate Appropriations Committee voted to advance Senate File 70, a bill that adjusts spending policy for certain state trust funds to a more endowment-like model and employs multi-year averaging to smooth distributions.
Patrick Fleming and other officials told the committee the bill seeks to move specific funds from a quasi-endowment framework to a full endowment approach so the entities can rely on more predictable annual distributions. "...this has been a…
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