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Endowment Fund Investment Board tells JFAC its costs are low, requests small equipment funding
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Summary
The Endowment Fund Investment Board told the Joint Finance-Appropriations Committee its investment costs run about 0.34% of the fund and requested a minor 2027 enhancement to replace hardware (about $3,700). The board emphasized tight spending and continuous appropriations for external investment costs.
Janet Jessup of Legislative Services introduced the Endowment Fund Investment Board and summarized its role under the State Board of Land Commissioners, noting the board manages land-grant endowments and related accounts and was created by a 1969 constitutional amendment.
Chris Antone, the board's manager of investments, told the committee the board submitted a largely flat budget for the year and highlighted the board's low cost structure: "Our total costs, including the continuously appropriated costs, they run about 0.34% of our total fund," he said. Antone said the board aims to keep personnel and operating costs low compared with similar public investment funds.
Jessup told members the agency has no current vacancies among four authorized positions, reported a high personnel-cost share in the budget package and noted the agency's enhancement request for 2027 is modest — a replacement laptop and related hardware items totaling roughly $3,700 — plus ongoing external investment costs that are continuously appropriated. She said EFIB's five‑year appropriation and expenditures have shown steady increases tied in part to staff compensation adjustments in recent years.
The committee did not take formal action on the EFIB presentation; members thanked staff and moved on to subsequent agencies.
