Transcript Highlights:

• This bill changes the method for calculating post-retirement adjustments, COLA.
• If done today, our calculations at the same study would conservatively show a 40% reduction after 20
• <00:54:27.640> at<00:54:27.760> the If done today, our calculations at the If done
• today, our calculations at the same<00:54:28.120> study<00:54:28.560> would<00:54:28.760
• And since there is no recalibration or calculation of that pension, we also do not collect anything from

Keywords: 918, senate, all

Summary: The committee first approved the April 14, 2026 meeting minutes without objection. It then took up Senate File 4860 / House File 4812, the St. Paul Teachers Retirement Fund Association bill, which would reduce the employee contribution rate for coordinated members from 9% to 8% starting after June 30, 2026, raise the retiree COLA from 1% to 1.5% beginning January 1, 2027, and increase the state-funded employer contribution by 2.7%. Staff said the bill’s cost is just over $12 million per year over 15 years. Representative Lilly said the bill was intended to bring parity to St. Paul teachers after prior work in this area left some behind. Several St. Paul teachers testified in support, describing financial strain, burnout, and the difficulty of balancing teaching with family responsibilities. Hannah Geimer said the 1% contribution change would make a meaningful difference in her budget as a single parent. Eric Erickson said he and his wife have spent decades working extra hours and coaching, and argued that St. Paul educators pay more and receive less in retirement than other teachers. Arzoo Faroozan Yazdani, a Central High teacher, said the higher contribution rate and lower COLA make it hard to stay in the district and raise a family. Lisa Hodek said teachers are undercompensated for the demands of the job and that the pension disparity has created frustration and a sense of betrayal. Phil Tensic, the SPTRFA director, summarized the request as seeking an 8% contribution and 1.5% COLA to match TRA, and noted that the plan’s members are spread across legislative districts, not just in St. Paul. Members discussed the history behind the pension disparity. Senator Nelson questioned whether “parity” was the right term given the plan’s funding problems and the legacy of the “big red box,” referring to past underfunding. Tensic and Senator Pappas explained that the state had previously allowed St. Paul schools not to contribute for a period of years, that supplemental district and state aid began in 2018, and that the plan is projected to be amortized by 2039 and must be paid off by 2048. Members also noted that the bill and related pension proposals depend on available funding; Representative O’Driscoll and others said no final financing agreement had been reached, though leadership was continuing discussions. The committee received letters of support from Education Minnesota, the St. Paul Federation of Educators, and 40 individual supporters. No final vote on the bill was taken in the portion of the meeting provided.

Transcript Highlights:

• But in 2022, the legislature repealed the formula by which this calculation would be made, leaving the
• formula<00:27:52.960> by<00:27:53.160> which<00:27:53.760> this<00:27:54.200> calculation
• <00:27:54.880> would formula by which this calculation would formula by which this calculation
• This calculation was specific to the November 2019 forecast.
• This calculation was specific to the November 2019 forecast.

Keywords: 1187, senate, all

Transcript Highlights:

• room and board billings, accounts payable transactions, bookstore transactions, and amortization calculations
• updated their loan tracking software during the year, and there was an issue in how that date was calculating
• , because of, you know, when you're looking at PERS and some of the investments, the actuarial calculations
• are not allowed to levy additional taxes if they have the sufficient reserve according to the calculations
• about how they levied over $5 million over and above what they were authorized, according to the calculations

Summary: The committee met to receive a series of audit presentations, beginning with the statewide Annual Comprehensive Financial Report (ACFR) for fiscal year 2025. The State Auditor’s Office and OMB reported a clean, unmodified opinion for the state, with strong financial results including a $40.6 billion net position, $30.99 billion in assets, $1.81 billion in liabilities, and continued Legacy Fund growth. OMB also explained the new GASB 101 compensated-absences reporting change and discussed pension-liability fluctuations tied to discount-rate assumptions and investment performance. Members asked about how the state compares to others and about the effect of short-term commodity price swings, and OMB said the report reflects actual fiscal-year results rather than forecasts. The committee then heard the University System audit, which also received a clean opinion but included four findings: misreporting of Strategic Investment and Improvements Fund revenue, insufficient monitoring of service organizations at CTS, NDSU, and UND, improper bank reconciliations at Dakota College of Bottineau, Dickinson State, and Williston State, and investment/cash reconciliation problems at Bismarck State College related to bond proceeds. University officials agreed with the findings and said corrective actions were underway, including internal review of bank reconciliations. Members raised questions about NDSU’s use of certificates of deposit, and university staff explained that CDs are used to earn interest on funds being accumulated for future projects. Several other audits were presented, most with clean opinions and no findings, including the State Auditor’s Office, Workforce Safety and Insurance, Housing Finance Agency, Housing Incentive Fund, Job Service North Dakota, the Retirement and Investment Office, PERS, the Center for Distance Education, the Commission on Legal Counsel for Indigents, the Ethics Commission, and the Office of Administrative Hearings. Notable exceptions included a State Fair Association audit with an adverse opinion on the foundation component unit because its financial statements were not available for audit, and a Securities Department performance audit finding that performance-based pay increases and bonuses were issued without required evaluations. The committee also discussed the State Auditor’s future needs, including more staff capacity, data analytics, cybersecurity reviews, possible subpoena authority, independent legal counsel, and whether some audits—such as the Ethics Commission and State Fair—should be handled by independent third parties or under different statutory arrangements.

Transcript Highlights:

• So the way I calculated it felt to me like, for the most part, it was a higher percentage for most people
• So the way I calculated it felt to me like, for the most part, it was a higher percentage for most people
• So we did calculate it as if we removed the 25% and then replace the 50 with the people's initiative.
• So we did calculate it as if we removed the 25% and then replace the 50 with the people's initiative.
• So we did calculate it as if we removed the 25% and then replace the 50 with the people's initiative.

Bills: HB0147, HB0127

Keywords: property tax, homeowner exemption, Wyoming, voter initiative, tax legislation, HB0127, recreation mill levy, recreational facilities, public recreation, mill levy, local tax, county commissioners, school district levy, voter approval, ballot measure, general election, tax referendum, special purpose tax, Wyoming taxation, W.S. 18-9-201

Transcript Highlights:

• SB1023 by Betancourt, relating to the calculation of certain ad valorem tax rates.
• House Bill 3221 ensures the minimum salary schedule is used to calculate the contribution for All public
• Correct, which is calculated every year. Wouldn't you agree that's manifestly unjust? I agree.
• Because the calculations could long-term be wrong.
• I understand, but calculations for pension outcomes are made on a regular basis. Thank you so much.

Bills: HJR144, HJR218, HB40, HB 101, HB 112, HB146, HB168, HB214, HB413, HB1523, HB493, HB521, HB594, HB557, HB305, HB549, HB854, HB 1057, HB 1052, HB842, HB3174, HB3311, HB2486, HB3196, HB824, HB 1039, HB2529, HB2713, HB4936, HB4995, HB4830, HB4864, HB5219, HB5263, HB5154, HB2674, HB5525, HB5623, HB2545, HB2587, HB2625, HB5520, HB5436, HB4926, HB1573, HB5165, HB4811, HB5081, HB4755, HB3179, HB4310, HB4611, HB2159, HB4626, HB3637, HB3153, HB3066, HB2786, HB2966, HB638, HB640, HB876, HB497, HB5539, HB4809, HB5308, HB4687, HB4070, HB4421, HB4412, HB3284, HB3369, HB3420, HB3449, HB4098, HB4281, HB4120, HB4504, HB4370, HB 1106, HB2370, HB2404, HB3863, HB2407, HB2253, HB2273, HB2040, HB1586, HB3788, HB3993, HB4690, HB4309, HB4696, HB2308, HB 1142, HB1533, HB1621, HB2242, HB2012, HB2193, HB2442, HB2464, HB2348, HB2313, HB2289, HB1942, HB2011, HB1629, HB2993, HB3592, HB3824, HB4076, HB4535, HB4623, HB4773, HB 1091, HB5115, HB5515, HB3372, HB5659, HCR118, HB 1233, HB2239, HB2379, HB2863, HB3368, HB3787, HB3815, HB3898, HB4023, HB4285, HB4329, HB4331, HB4429, HB4646, HB4904, HB5200, HB5320, HB5651, HB5662, HB5668, HB5670, HB5672, HB5674, HB5676, HB5679, HB5688, HCR108

Keywords: regional mobility, transportation authority, local law, constitutional amendment, public projects, Texas energy fund, energy efficiency, retail electric customers, electric generating facilities, business court, civil procedure, litigation, jurisdiction, arbitration, Texas State Guard, task force, professionalization, state missions, critical infrastructure, science park district

Transcript Highlights:

• Commissioner Gandhi, Chair Robbins, I would need to get a calculator and do the math, but the program
• clarifying what's required on attendance records and creating a methodology and tool for overpayment calculations
• methodology and tool for creating a methodology and tool for overpayment overpayment overpayment calculations
• <00:59:23.760> added<00:59:24.079> more<00:59:24.440> prevention calculations added
• more prevention calculations added more prevention measures<00:59:25.400> for<00:59:25.640>

Keywords: 1183, house

Transcript Highlights:

• <00:53:10.000> cost 110% for the purpose of calculating cost 110% for the purpose of calculating
• On R52, there's a Senate-only change to another part of the state grant parameter calculation, and it
• The Senate includes language clarifying that the supplemental assistance will be calculated separately
• separately in the fall, calculated separately in the fall, spring,<01:18:03.199> and<01:18:03.520
• Pell award parameters are also proposed to change around the cost of attendance calculation by program

Keywords: 919, house, all

Summary: The Higher Education Finance and Policy Conference Committee met publicly to compare House and Senate positions on the higher education budget, with the chairs emphasizing transparency and alternating gavel control. Nonpartisan fiscal staff walked through a spreadsheet of differences across the Office of Higher Education and Minnesota State, including major items such as state grants, childcare grants, work study, tribal college grants, emergency assistance grants, hunger-free campus grants, student parent support, direct admissions, paramedic scholarships, and several medical residency and fellowship programs. The House and Senate also differed on administrative funding, campus sexual assault reporting, and a House FY25 cancellation that would be carried forward. Members discussed several of the larger policy and funding choices. The Senate explained its increase for Minitex as support for operating costs and statewide access to information. The House explained its cuts to student parent support and other items as necessary to work within a zero target and to prioritize direct aid to students, while the Senate said it focused on direct appropriations and access-related programs. On hunger-free campus grants and emergency assistance grants, the Senate said it was changing the distribution method and direct appropriations rather than reducing the overall money, while the House noted differences in whether nonprofit institutions remained included. The committee also reviewed Senate-only additions and reductions in Minnesota State, including free course materials, Lake Superior College remediation, and changes to the Kids on Campus appropriation. A representative from Lake Superior College testified that the PAS remediation funding would help address contamination issues at an emergency training site near Lake Superior and that the money was shifted from the Kids on Campus initiative. No final conference agreement or vote was taken in the portion of the meeting provided; the committee continued discussing differences and testimony.

Transcript Highlights:

• I'd hate to calculate the expense of doing it indoors under high-intensity lighting versus what's happening—thousands
• I'd hate to calculate the expense of doing it indoors under high-intensity lighting versus what's happening—thousands
• I'd hate to calculate the expense of doing it indoors under high-intensity lighting versus what's happening—thousands
• I'd hate to calculate the expense of doing it indoors under high-intensity lighting versus what's happening—thousands
• I'd hate to calculate the expense of doing it indoors under high-intensity lighting versus what's happening—thousands

Keywords: 1189, house, all

Transcript Highlights:

• <02:04:08.880> how does is it decides it it calculates how does is it decides it it calculates
• <02:14:46.400> the<02:14:46.639> consensus calculations the consensus calculations the
• I won't belabor population calculations.
• I won't belabor population calculations.
• We also are going to calculations.

Keywords: 916, all

Transcript Highlights:

• And just so I can clarify, my initial calculations had this at about 3.39 million, and you're saying
• with this amendment it would bring it up to about 10 million. >> So my initial calculation had it around

Keywords: 1191, senate, all

Transcript Highlights:

• The overall intent is to provide an overall increase to this calculation for a 5% increase.
• Turning to page 18, Section 3H2 contains the narrative for the insurance rebate equalization calculation

Keywords: 1064, all

Transcript Highlights:

• The overall intent is to provide an overall increase to this calculation for a 5% increase.
• Turning to page 18, Section 3H2 contains the narrative for the insurance rebate equalization calculation

Summary: The Joint Finance Committee met to review and vote on the fiscal year 2027 Grants and Aid Act, which was expected to be pre-filed as Senate Bill 337. Members first reviewed Section 1, covering county seat payments, paramedic operations, senior center allocations, senior center transportation, and Homeland Security grants. They approved Section 1 after discussion of how senior center transportation is being moved from DART to grant-in-aid and how some organizations can appear in both the senior center formula and the general aging category. The committee then worked through Section 2, which included one-time appropriations and the various grant categories for aging, arts/historical/recreation, economic housing or labor services, family and youth services, health or disability services, and neighborhood and community services. Members discussed several specific items, including New Castle County reassessment-related funding, Friends of Cooch’s Bridge, Slaughter Neck Community Action Organization, Plastic-Free Delaware, Love, Inc. of the Delmarva, and the Southern Delaware Horse Retirement Association. One aging line for Slaughter Neck was reduced back to flat funding after members questioned a large increase, and the revised category total was adjusted accordingly. Each of the Section 2 subcategories was then adopted. Section 3, covering fire companies and public service ambulance companies, was approved with increases across apparatus, ambulance, rescue truck, aerial truck, rescue boat, substation, and insurance rebate equalization funding. Section 4, for veterans organizations and youth programs such as Boys State, Girls State, and Trooper Youth Week, was also adopted. The committee then approved the epilogue sections, which included eligibility, audit, payment, and reporting rules; special provisions for the Wilmington Senior Center contingency; conditions tied to several one-time appropriations; withholding funding from Merri-Dell Volunteer Fire Company pending a corrective report; and reprogramming $1,485,000 from a prior SMART food program appropriation toward SNAP/WIC-related food access initiatives. The meeting ended with remarks thanking staff and noting that it was likely the last JFC meeting for two members, followed by adjournment.

Transcript Highlights:

• It changes only how pharmaceutical expenditures are counted when calculating the statewide aggregate
• It changes only how pharmaceutical expenditures are counted when calculating the statewide aggregate

Keywords: 995, all

Summary: The Senate considered a series of amendments to a primary care health care bill and also took up a separate literacy bill. Several amendments were withdrawn, including one on artificial intelligence in health care and others related to cost controls, direct primary care, and provider studies. The Senate adopted amendments on preserving access to treatment for serious mental illness, modernizing the definition of primary care, clarifying payment rates for community health centers, excluding pharmaceutical spending from primary care expenditure calculations, and strengthening health equity reporting. Other amendments on rate bands, alternative payment systems, private equity reporting, scope of practice, and ownership disclosure were rejected. The Senate then approved the Ways and Means amendment and ordered the primary care bill to a third reading. The chamber also took up final passage of An Act Relative to Teachers Preparation and Student Literacy, with senators describing it as a long-awaited compromise focused on improving early reading outcomes. Supporters said the bill requires evidence-based K-3 literacy curricula, regular student screening and family notification, dyslexia screening protocols, professional development for teachers, and a free state-developed curriculum option. Senators emphasized the need to address declining third-grade reading proficiency and equity gaps. The bill passed to be enacted by a unanimous roll call and was sent to the Governor. After the literacy bill, the Senate returned to the primary care bill, where senators again debated cost containment, innovation, and access. The final version included the adopted amendments and was passed to be engrossed by a roll call vote of 35-4. The Senate then adopted an adjournment order and recessed, adjourning in memory of Henry Thomas III, former Representative Ben Swan, and Mr. Dennis Frane.

Transcript Highlights:

• I think last year I calculated $1.6 million to Iron County.
• We've been asked to calculate how much, and in a percentage, when this took effect, our overall monthly

Summary: The Missouri House Legislative Rules Committee held a rare public hearing on House Bill 2243, sponsored by Rep. Bryant-Wolfen, which would repeal a local sales tax exemption for certain industries that was enacted in a prior omnibus bill tied to the Wayfair-related tax changes. The sponsor argued the exemption shifted revenue away from counties and onto local residents, and said the bill would restore local tax collections that had been lost without a guaranteed replacement. Several members questioned whether the proposal amounted to a tax increase on manufacturers and whether it could deter investment or job growth; the sponsor responded that the tax burden had already been shifted to Missourians and that other pro-business reforms could address competitiveness. Supporters from Iron County, St. Genevieve County, and Adair County testified that the exemption had reduced local revenue for roads, law enforcement, ambulance, and 911 services. They described budget shortfalls, service cuts, and the impact on counties that had already approved local sales or use taxes by voter approval. One Iron County commissioner said the loss of revenue had forced higher property tax levies and reduced ambulance coverage, while St. Genevieve officials cited large drops in monthly sales tax receipts and rising costs. Adair County officials said the exemption affected revenue from large solar and wind projects and argued that the taxes were intended to support local infrastructure and schools. Opponents, including Associated Industries in Missouri, argued the exemption was originally adopted to keep Missouri’s tax system uniform and compliant with the U.S. Supreme Court’s Wayfair framework for out-of-state sellers. They warned that removing the exemption could create a $35 million annual burden on manufacturers and potentially jeopardize broader local use-tax collections if the state’s system were challenged again. Committee members also discussed the possibility of requiring local voter approval or a replacement revenue source before changing the exemption. No vote was taken during the hearing, and the chair said he planned to execute the bill later in the week.

Transcript Highlights:

• We can calculate how much ore volume is within a... ...from our data set.
• We can calculate how much ore volume is within a given area using our capability.

Bills: SB1046

Keywords: telecommunications, broadband, internet infrastructure, critical infrastructure, cybersecurity, national security, foreign adversary, China, Chinese equipment, supply chain security, network equipment, microchips, Arizona Corporation Commission, telecommunications provider, communications infrastructure, Huawei, ZTE, state-owned enterprise, sanctions, infrastructure security

Summary: The Committee on Science and Technology heard Senate Bill 1046, which would bar critical telecommunications infrastructure in Arizona from using equipment manufactured or owned by a foreign adversary, require annual certification to the Corporation Commission, impose civil penalties for noncompliance, and cut off state, local, or federal infrastructure funding for violators. Marina Macklin testified in support, arguing the bill responds to real national-security risks from China, citing examples such as Huawei, Hikvision, and other foreign-linked technology concerns, and saying states can act where federal efforts are incomplete or slow. Members raised questions about cost, timing, and whether the bill duplicates federal action; Macklin said the bill targets public procurement and that state action remains appropriate. The committee then voted 5-1 to return SB 1046 with a do pass recommendation. The committee next received a presentation from Craig Luxbacher of the University of Arizona on mining technology and the state’s role as an innovation hub. He described university work on automation, microgrids, critical mineral recovery, tailings remediation, workforce training, and heat-stress protection, and said Arizona can help de-risk new mining technologies through research partnerships, training networks, and policy support. Members asked about microgrids, federal and state law changes, tariffs, workforce decline, AI, and how the Legislature could help; Luxbacher emphasized the need for coordinated training pipelines, incubators for mining startups, and support for pilot projects and processing capacity. Jeremiah Pate, founder and CTO of Lunisand, then presented on subsurface imaging technology using georadiotomography. He said the system can image deep underground from airborne platforms, helping locate critical minerals, aquifers, tunnels, and hidden defense-related threats more quickly than traditional methods. Members asked about archaeological uses, mineral identification, water detection, whether similar companies exist, and defense applications. Pate said the technology is still developing but is unique in its field-practical airborne capability. The meeting concluded with closing remarks from the chair and adjournment.

Transcript Highlights:

• But if EBID is making a different decision or using a different set of metrics or calculations than some
• of the acequias up north, ...using a different set of metrics or calculations than some of the acequias

Keywords: 996, all

Transcript Highlights:

• That's part of the actuarial calculations. The actuaries assume three raises every year.
• That's part of the actuarial calculations.

Keywords: 994, senate, all

Transcript Highlights:

• I'm curious, what was that calculation to get to that compensation rate? You're right now.
• I'm curious, what was that calculation to get to that compensation rate? You're right now.

Summary: The committee met with a quorum and heard seven measures, including four bills and three proposed committee substitutes. HB 6033, repealing the Labor Pool Act, was presented as a cleanup measure to remove duplicative regulation; supporters argued workers would still be covered by OSHA, wage laws, workers’ compensation, and liability insurance, while opponents raised concerns about losing specific protections for day laborers. The bill was reported favorably on a 4-? vote, with several members voting no over concerns about worker protections. HB 453, dealing with pool and spa contractors, was described as a technical update to Chapter 489 that would better align licensing scopes with current industry practice and allow contractors to perform related work without stopping for additional licensed trades. An amendment making only drafting changes was adopted, and the bill passed unanimously. CS/HB 277 on veteran benefits assistance was also reported favorably unanimously after testimony focused on protecting veterans from predatory claims-assistance practices while preserving choice and requiring disclosures, fee limits, and data-security safeguards. The committee then approved PCS for HB 291, which would require personal mobility device batteries sold in Florida to meet an IPX-7 certification standard, after the sponsor cited fire risks from lithium-ion batteries; the measure passed unanimously. PCS for HB 709, allowing valid pari-mutuel permit holders to lease facilities to nearby high-li permit holders, was amended to require a minimum of 59 live performances and then passed unanimously. CS/HB 4011, expanding who may serve as a building official on Palm Beach County’s Building Code Advisory Board, passed unanimously as a good-government fix to fill vacancies. Finally, PCS for HB 499, allowing small craft breweries under 31,000 gallons to self-distribute, drew extensive testimony from brewers and distributors about small-business growth versus the three-tier alcohol system; despite concerns about weakening distribution safeguards, the bill was reported favorably by a 13-2 vote. The meeting then adjourned with no further business.

Transcript Highlights:

• How are you calculating that? Can I follow up with that question? Sure.
• We had a presentation last year with the National Diaper Bank Network, where they helped us calculate
• We had a presentation last year with the National Diper Bank Network where they helped us calculate that

Keywords: 995, all

Summary: The House Committee on Children and Families held a hybrid hearing on a broad set of anti-hunger, family support, and basic-needs bills. Early testimony focused on SNAP and DTA operations: Rep. DeRosa and others urged passage of H. 196/S. 167 to require DTA to identify staffing, technology, funding, and operational needs to improve timeliness and customer service, warning that unanswered calls, delayed recertifications, and federal changes could sharply raise state costs through higher SNAP administrative burdens and payment-error penalties. Speakers from Massachusetts Law Reform Institute and Project Bread said DTA is under-resourced, caseloads have grown, and families are being denied or delayed due to phone and paperwork barriers. Another major SNAP-related bill, H. 254/S. 147, would require the Commonwealth to replace stolen EBT/SNAP benefits; testimony described more than $13 million stolen from about 27,000 households since June 2022 and argued families should not bear losses from organized theft rings. The committee also heard strong support for H. 207/S. 117, which would restore state-funded nutrition assistance for legally present immigrants excluded from federal SNAP under recent federal changes. Advocates from Project Bread, the Massachusetts Law Reform Institute, local immigrant services, and public health groups said the federal cuts would leave thousands of residents, including refugees, asylum seekers, trafficking survivors, and children, without food support, and argued Massachusetts has a history of filling this gap. Testimony also supported H. 222/S. 104 to make the Healthy Incentives Program permanent and year-round; supporters said HIP improves nutrition, boosts local farms and regional economies, and had already served more than 212,000 households in FY25. A related child-support bill, H. 201/S. 110, would increase the amount of child support passed through to TAFDC families and expand good-cause exemptions; witnesses said the change would put more money directly in families’ hands, reduce poverty, and better protect survivors of domestic violence and families with complicated co-parenting situations. A large portion of the hearing was devoted to deep-poverty and diaper-related legislation. Supporters of H. 214/S. 118 said cash assistance grants have lost value over time and should be raised annually until they reach half of the federal poverty level; advocates from Children’s HealthWatch, Hopewell, the Lift Our Kids Coalition, and parents described the links between deep poverty, poor child health, family stress, and child welfare involvement. They argued that higher grants would help families meet basic needs, reduce hospitalizations and neglect reports, and provide stability amid federal cuts. Finally, multiple witnesses backed diaper legislation, including H. 220/S. 151 and related bills, to create a diaper benefits pilot and/or diaper allowance commission. Testimony from the National Diaper Bank Network, MassCAP, Children’s HealthWatch, local diaper banks, and parents said diaper need is widespread, affects parental employment and mental health, and can cause health problems for infants; a federally funded pilot in Massachusetts was cited as showing improved employment, financial stability, reduced stress, and fewer diaper rashes. No votes or final actions were taken during the hearing; the committee heard testimony and asked questions throughout.

Transcript Highlights:

• If oil's at, I've always tried to do a quick calculation, if oil's at 100, WTI is at 100...
• If it's, if oil's at, I've always tried to do a quick calculation: if oil's at 100, WTI is at 100, we
• Our fees are somewhere around seven basis points, and we calculate the fee savings as being a combination

Summary: The committee met to approve prior minutes and receive updates on the Legacy Fund transparency website and fund performance. Staff reported the website procurement was in contract negotiations, with a planned go-live around November 1, and that the site would provide downloadable, more transparent information on fund holdings, allocations, history, and legislative appropriations while protecting confidential data. The investment office then reviewed performance through January 2026, describing strong returns relative to benchmarks, noting real estate and fixed income as weaker areas, and explaining that the fund’s diversification and internal management had helped offset market volatility, including recent geopolitical impacts. Members also discussed the in-state investment program, especially the Bank of North Dakota’s CD-match allocation. Several members questioned whether the program had been static for years and whether the uncommitted balance should remain parked there if it was not being used. The committee voted to pause further transfers into the program until the Bank provides a report and the committee can consider possible statutory changes; the motion also requested a cost-benefit analysis from RVK, and it passed by roll call vote. In the afternoon, RVK presented its review of the investment policy statement as it relates to the in-state investment program. The consultant said it found no major policy impediments, and that implementers and stakeholders generally felt the program was proceeding as intended. RVK emphasized best practices such as third-party due diligence, competitive risk-adjusted returns, diversification, pacing, and exit strategies, while cautioning that required lower-return investments or spending commitments can create pressure on the fund’s long-term real value. The consultant also raised ancillary concerns about state-level concentration risk, the need to distinguish between public and commercial infrastructure, and the lack of a central repository for all state funding commitments to the same projects.