File name: JAC Budget Hearings FY 13-14_20111207_124531.dcr Folder: C:\Documents and Settings\HAppropriations\Desktop\Recordings 0 ~ 12/7/2011 1:32:50 PM ~ State Treasurer Agency 004 Joe Meyer, Treasurer 1 ~ 12/7/2011 1:32:51 PM ~ Nicholas: We are on the fund accounts and that is what is handed out. 3:49 ~ 12/7/2011 1:36:39 PM ~ Sharon: Several pieces handout out 600, 900, series expenditures, and expenditures, Veterans and Indian< Hathaway, spending policy are also included. 4:43 ~ 12/7/2011 1:37:33 PM ~ Nicholas: Start with Hathaway 5:14 ~ 12/7/2011 1:38:04 PM ~ Sharib: Start with summary for Hathaway. What y you see is accounting. Begin in 2005 and through 2011, projections through 2015. On third page have fiscal year 2011-12. Hathaway: corpus, expenditure and reserve accounts. Monies to Corpus from Mineral Royalities. Exependtiure flows from the corpus. If insufficent monies we transfer from reserve to expenditure. If money available at end of fiscaly year flows back to reserve account. 8:37 ~ 12/7/2011 1:41:27 PM ~ Nicholas: Is reserve and expenditure account. Did we set up corpus so that have an ongoing reserve and spending policy account 9:14 ~ 12/7/2011 1:42:04 PM ~ Sharon: No 9:20 ~ 12/7/2011 1:42:10 PM ~ Nicholas: Does corpus also serves as spending policy account. 9:41 ~ 12/7/2011 1:42:31 PM ~ Sharon: There is a provision that amount that flow back to cropus for inflation purposes. What happens with reserve account. There is a $12 M stautory amount. Market value percentage. Balance in reserve account $12 miilion or less for three years. However amounts over that made ininvestment income. Amounts spilled over in 2006. In 2008 there was a proivision so that no money flowed back until 2012. In 2011 there was $14M that did not flow back. 12:17 ~ 12/7/2011 1:45:07 PM ~ Nicholas: Doesnt see it. When see it was $14M. Amount of $20M did not flow over in 2011. We are projecting that $14M will flow in next year. 13:13 ~ 12/7/2011 1:46:03 PM ~ Wallis: There was money in statute that would otherwise would have flowed into corpus. What do we do to prevent. 13:39 ~ 12/7/2011 1:46:29 PM ~ Sharon: In session law of 2010 prevented flow back so it remained in the reserve account. 14:10 ~ 12/7/2011 1:47:00 PM ~ Nicholas: Supplementing from the general account initially to augment to reserve so suspended the trigger so we would not put more into the corpus. 14:57 ~ 12/7/2011 1:47:47 PM ~ Sharong: Did not believe that general funds went into the corpus. 15:13 ~ 12/7/2011 1:48:03 PM ~ Mai: Just recall that the revenue situation less certain. No reserve accounts spill back for 2011. It was simple measure 16:20 ~ 12/7/2011 1:49:10 PM ~ Sharon: What was trying to show in the summary was investment income per Craig report. Interest in dividents not capitol gains. We also used Dept. of Education projections for scholarships and they are updating that too.... Fiscal year 12 forward through 15, we are saying we would fund the program with dipping into the reserve. If had capitol gains could do longer 17:58 ~ 12/7/2011 1:50:48 PM ~ Nicholas: Interest rate forecast 18:08 ~ 12/7/2011 1:50:58 PM ~ Harshmand: Planning onf 4 % return 18:22 ~ 12/7/2011 1:51:12 PM ~ Nicholas: What are including -- total amount or corpus only 18:52 ~ 12/7/2011 1:51:42 PM ~ Meyer: There is more than enough to pay for quite a while. 19:15 ~ 12/7/2011 1:52:05 PM ~ Nicholas: Calculate on the entire balance 19:28 ~ 12/7/2011 1:52:18 PM ~ Man: As indicated we have responsibility to project investment income for general fund as well... when we do projection we project for all funds in portfolio. The percentage for is 2.5% . The percentage for FY11 was 6.4%. Projection for Craig reflect interest and divident and do not project capital gains. At end capitol gains is factored in for Hathaway to 6.4%. 21:57 ~ 12/7/2011 1:54:47 PM ~ Nicholas: The forecast are based upon 2.5% estimate. 22:13 ~ 12/7/2011 1:55:02 PM ~ Sharon: for 2.5% for 2012 and 2.11% going forward. 22:36 ~ 12/7/2011 1:55:26 PM ~ Nicholas: If banner year it will go to reserve account. 22:53 ~ 12/7/2011 1:55:43 PM ~ Sharon: As of June 2012 the moneies would spill to reserve account of $14M. 23:18 ~ 12/7/2011 1:56:08 PM ~ Nciholas: To pay our obligations through 2014, and with odds for furhter capitol gains ... 23:46 ~ 12/7/2011 1:56:36 PM ~ Meyer: Can't promise 23:54 ~ 12/7/2011 1:56:43 PM ~ Sharon: $473 M is the corpus 24:05 ~ 12/7/2011 1:56:54 PM ~ Nicholas: It is $489M as of October 24:22 ~ 12/7/2011 1:57:12 PM ~ Nicholas: Do you have what we put in 24:32 ~ 12/7/2011 1:57:22 PM ~ Sharon: From 2005 until account reaching $204M in account, shows in table. Fed mineral royalities put in throught year 2009... 25:23 ~ 12/7/2011 1:58:13 PM ~ Nicholas: You have market value versus actual dolllars put todate 25:44 ~ 12/7/2011 1:58:34 PM ~ Sharon: Annual rpeort shows all of the funds showing cash and market value of funds managed 26:03 ~ 12/7/2011 1:58:53 PM ~ Myer: On website it is shows month cost basis plus market value 26:27 ~ 12/7/2011 1:59:17 PM ~ Esquibel: 26:52 ~ 12/7/2011 1:59:42 PM ~ Sharon: Copies of annual report is distributed 27:06 ~ 12/7/2011 1:59:56 PM ~ Von Flatern: 27:24 ~ 12/7/2011 2:00:14 PM ~ Nicholas: Total 27:34 ~ 12/7/2011 2:00:24 PM ~ Sharon: Would like to have track of where going 27:46 ~ 12/7/2011 2:00:35 PM ~ Sharon: Can provide 27:52 ~ 12/7/2011 2:00:42 PM ~ Von Flatern: What doesnt' see is line for income. After 2014 would be deficit and have to find money. 28:31 ~ 12/7/2011 2:01:20 PM ~ Sharon: The investment income is $31M in ... 29:16 ~ 12/7/2011 2:02:06 PM ~ Nicholas: With respect to this account, is there a committee that meets regularly to see if there is enought money to see if can carry out 29:43 ~ 12/7/2011 2:02:33 PM ~ Sharon: Eduication Committee meets to discuss 29:57 ~ 12/7/2011 2:02:47 PM ~ Meyer: Also meets with Fiancne Committee 30:09 ~ 12/7/2011 2:02:59 PM ~ Nicholas: How see if able to meet obligatiosn further out 30:29 ~ 12/7/2011 2:03:19 PM ~ Sharon: Don have it projected out that far but can 30:43 ~ 12/7/2011 2:03:32 PM ~ Nicholas: Woudl like to continue the exercise to see if need to augment the corpus to see if can run the program as 31:07 ~ 12/7/2011 2:03:57 PM ~ 31:11 ~ 12/7/2011 2:04:01 PM ~ Meyer: Attempt to marry interst, dividents and capitol gains on page 9. The fificulty in making projection, don't have clue on capitol gains. Ballpark is at least 4%. Could have an outstanding year or loss. To project would take the yield and take the average and say it would be the norm for next 20 years... to see where you are going to be 33:19 ~ 12/7/2011 2:06:09 PM ~ 33:25 ~ 12/7/2011 2:06:15 PM ~ Nicholas: Doesn't have a problem with approach 33:43 ~ 12/7/2011 2:06:33 PM ~ Nicholas: It need to do set asides it easier to do. True also for higher education endowment accounts 34:30 ~ 12/7/2011 2:07:20 PM ~ Harshman: How much put in if $450M for FMR accounts. With spill backs ... how inflation features are working. Is it set up right for 3.5%. Should it keep rock and roll 36:28 ~ 12/7/2011 2:09:18 PM ~ Meyer: Last five years would indicate you are conservative. Earn 5.5% over last 4 years. How far you want ... Comfortable with 10 years? If did analysis, take five year average throw out the outlier and run it out and then could make an estimate. Will you raise the amount or keep the same. You have some probability if OK or not. Will it be something you can use. Coudl also hire actuary. 38:26 ~ 12/7/2011 2:11:16 PM ~ Berger: We made certain flexibility for the scholarship request. We need the demand going forward. UW indicate stablitized. 38:57 ~ 12/7/2011 2:11:47 PM ~ Nicholas: Infomration could be collected for variety of uses. Is corpus of sufficent size to sustain. Offer to more students. Issues with increasing the contribution and with cost of education going up, we could show through acturail information that is ballpark. We can be able to make decision on fund. Maybe should increase the size of scholarship or other ... 40:37 ~ 12/7/2011 2:13:27 PM ~ Meyer: Wouldbe a reasonable snapshot by working with LSO 41:21 ~ 12/7/2011 2:14:11 PM ~ Meier: In good shape now until influx of students and ... with not corpus influsions. Need to amke sure that other legislators know ... 42:22 ~ 12/7/2011 2:15:12 PM ~ Harshman: Key downfall is broadeniing the program. It is importatn to strees this. 42:51 ~ 12/7/2011 2:15:41 PM ~ Nicholas: Spreadsheet for the endowment 43:12 ~ 12/7/2011 2:16:02 PM ~ Sharon: Did not. She did bring a 3 page on spending policies on accounts. Three acounts have a spending policy amount by taking the rolling average of the corpus account. In FY 2011 with $192M dollars, for PMTF $215M, investment of $211M Is investment over the spending policy amount. IF so, this goes into spending policy reserve account. On the PMTF, the provision is to not spill over to corpus. In last year fudnign did spill bakc to coprus. PMFT $1444.3M is balance now. ... 46:05 ~ 12/7/2011 2:18:55 PM ~ Nicholas: What actually sent to general fund or reserve account. How do know cash.. 46:31 ~ 12/7/2011 2:19:21 PM ~ Sharon: For FY10 the spending polciy amount was $173M. Theinvestment income only $139M. In FY $192M, but investment income$210M. So $23 miion would flow into the reserve account. In FY 2010 all flowed to general fund, 48:05 ~ 12/7/2011 2:20:54 PM ~ Maii: What was the amount flowed. If take two columns. The lesser of the two columns is what flowed to the general fund 48:43 ~ 12/7/2011 2:21:33 PM ~ Meyer: Satutory formula goes to general couunt. 49:02 ~ 12/7/2011 2:21:52 PM ~ Nicholas: In FY20009, when do you go into the rerserve account> 49:35 ~ 12/7/2011 2:22:25 PM ~ Mai: Don't pull out to balance. Only pull out when in excees of statutory formula. 50:05 ~ 12/7/2011 2:22:55 PM ~ Meyer: It is another pot of money that stays there in reserve until used for somehting else. It will spill to corpus if in excess of statutory but not general. 50:56 ~ 12/7/2011 2:23:46 PM ~ Nicholas; 51:03 ~ 12/7/2011 2:23:53 PM ~ Sharon: Set up for inflation proofing we repealed. 51:38 ~ 12/7/2011 2:24:28 PM ~ Nicholas: Believe in having banner years, repealed the claw back.. interest rates.. it is lesser than the two 52:21 ~ 12/7/2011 2:25:10 PM ~ Meyer: Comingle where made direct amounts to coprus to inflation .. 52:42 ~ 12/7/2011 2:25:31 PM ~ Nicholas: Put more in corpus 52:50 ~ 12/7/2011 2:25:40 PM ~ Meyer: Spill over ... 53:11 ~ 12/7/2011 2:26:01 PM ~ Nicholas: Promise School Permanent Land Trust $83.4 M spending policy so investment inciome over the spending amoutn so flow went to reserve account. We are currently sitting at $61.9M to reserve account. 54:30 ~ 12/7/2011 2:27:20 PM ~ Mier: Increae in market value include oil leases 54:48 ~ 12/7/2011 2:27:38 PM ~ Sharon: If additional revenue went into accounts, would have to see what it is. Could get information, but not something there office deposits 55:23 ~ 12/7/2011 2:28:13 PM ~ Mier: Any mineral deposits 55:34 ~ 12/7/2011 2:28:24 PM ~ Mai: Not from leases themselves, but rolyalities would 55:55 ~ 12/7/2011 2:28:45 PM ~ Nicholas: Any questions 56:33 ~ 12/7/2011 2:29:23 PM ~ Sharon Higher Education Endowment. Colleges and University do receive the 5%. Amount comes from reserve account. If look at FY2010, amount short was pulled from reserve accout to distribute. 57:54 ~ 12/7/2011 2:30:44 PM ~ Nicholas: This is a good way when you look at this construct..this was the original construct for other accts, eliminated it for other accts partly to reduce accelerated resources in corpus Endowment acct should not be changed as...colleges receive less income so not impact as the Hathaway whre we have a committment, my recollection of the history 59:06 ~ 12/7/2011 2:31:56 PM ~ Von Flatern: Target 59:20 ~ 12/7/2011 2:32:10 PM ~ Nicholas: Looking to grow the corpus, with respect to the Hathaway looking to get corpus up as fast as we could, with ref to those other accts, revenue issue, use those accts...safety issue...just one of those things to remember . 1:00:23 ~ 12/7/2011 2:33:13 PM ~ Nicholas: Hathaway, special accts taken care off. In general with this mkt, what is invested in equities, what is fixed 1:01:23 ~ 12/7/2011 2:34:13 PM ~ Myers: 45% equity, 55 fixed. Highest perfomrance last year was fixed, which is counterintuitive, first qtr of this fiscal yr looked pretty bleak, we cam way back, with spiky mkt we buy low and sell high. what will happen is anyone's guess, the way it is trending, I don't know. last 2 yrs have been phenomal to loss 2 million, then recover it and this last fiscal yr recover a lot of fiscal gains, do not know if we will have anothr year. Professional fees for managers. Ours is 48 million or so. Is thta too high? Talked to Michael about it. 1:03:22 ~ 12/7/2011 2:36:12 PM ~ Nicholas: Would like to discuss it, assume we have a chart, is that an appropraite amount 1:03:38 ~ 12/7/2011 2:36:28 PM ~ Von Flatern: Pg 9 of the report, is that what is allowed on the mixture? 1:04:04 ~ 12/7/2011 2:36:54 PM ~ Myer: That is the allocation mix by each fund. 1:04:15 ~ 12/7/2011 2:37:05 PM ~ Myer: That is at the mix at the end of june but the percentages change 1:04:31 ~ 12/7/2011 2:37:21 PM ~ Michael: received information 3 times, sent statutorially required report, agency's report which included the investment report and today I made an exert of the report and included quarterly report..do not have Nov data. It is finished and audited, a few days short. Turn to handout from today, to page 7...appears in the two prior reports, fees to investment managers is in our budget, some managers withhloold fees before they send the investment income so it is net. the fees on the inve protfolio were 44.2 million, includes ....also 24 million that was withheld by managers of certain investments, also the amount to pay certain staff members who work on the investment program. 1:07:26 ~ 12/7/2011 2:40:16 PM ~ Myers: Good news, bad news. The higher you accrue, the more fees they charge. If you want to cut fees, move to more passive, active mgt is expensive. As long as you are having good success..we have good managers, not a whole bunch to do. The more money in the perm min trust fund, the more fees. If they are returning a high ROR, some fees have been cut. WE are going out for a prive IAP, which if the Board goes for...3.5 million per year to Cheyenne Capital, lot of work to interview the companies....model portfolio at 4%, will see an increase in fees, not going to pay 2% a year and they will get 20%. 1:09:31 ~ 12/7/2011 2:42:21 PM ~ Nicholas: Cheyenne Capital, made some extra gains 1:09:43 ~ 12/7/2011 2:42:33 PM ~ Myer: INternal rate of return, ... 1:09:56 ~ 12/7/2011 2:42:46 PM ~ Nicholas: different info 1:10:02 ~ 12/7/2011 2:42:51 PM ~ Myer: Do have report, RB Kuntz have a seperate report can bring to you on start up and Cheyenne capital... I am a cash person, 1:10:40 ~ 12/7/2011 2:43:30 PM ~ Nicholas: Lumis set up to embark on mkt, dream to get rates of returns not seen or offered or to develop expertise to ...wyoming companies. if using csh basis, are we discarding ..? 1:11:37 ~ 12/7/2011 2:44:27 PM ~ Meyer: Ther is some resisitance to private equity in this stte. CTJ meeting, with Cheyenne Capital about transperancy. We own a sign portion of Hertz...if you have 5 or 6 entities in with you, the ones who have to pay taxes may not want to sell when we do and when we need the money...ahead of the game The J curve effect... 5 yrs to generate reutrn, then Waterfall effect...In my judgment, the flow from Cheyenne Cajpital does not merit the return it should, ....Lummis,..promise to help Wyoming business has not come to pass. We are going to dfo more...other members of the Baord want to get to...Interview 19 firms, biggest in the states.. put your money I worry about permanent trust fund mineral money...may not be there, would lose what you may have made on other investments. WE are going to do private equity. If we do it right and cut the fees..without second guessing, the experience with the firm we have right now was not that good for us...learned lessons with 200 or 300 million 1:15:02 ~ 12/7/2011 2:47:52 PM ~ Nicholas: Lot of pain to set up Cheyenne Capital, I assume you are not happy with them, transparency issue 1:15:25 ~ 12/7/2011 2:48:15 PM ~ Meyer: Part transparency, could not share with public or legislature, or in violation of contract, fits better with retirement system as they are on a total return..we are better on cash 1:15:54 ~ 12/7/2011 2:48:44 PM ~ Nicholas: I think the portfolio is broad enough to do things..on transparency I hear what you say..if you invest in Balckstone, will not know much what they d there 1:16:23 ~ 12/7/2011 2:49:13 PM ~ Meyer: The money Harvard and Yale lost...if you are in the middle, won t make much, if you are in the bottom, will lose everything you have...we have done well with cash flow wihtout any private equity..entitled to my own feelings about Cheyenne Capital, no one in office, trying to raise second fund, not sure I want to do that, experience has not been pleasant 1:17:30 ~ 12/7/2011 2:50:20 PM ~ Michael: rates of fess, 1:17:40 ~ 12/7/2011 2:50:29 PM ~ Pedersen: I understand Treasurer has had a bad experinece with current vendor, anxious to see an increase in private vendo...such a low percent of 2 to 4 % because it is a 5 to 7 yr holding return, perfect for large funds, must be qualified investors which we are...liquidiy, return...not buying a publicly traded company, buying a small company to price in, grow and redo the management..so to reveal that would tip off a lot of things happening..not nefarious, tradeoff in net return, pleased to see that is moving back up to 4% 1:19:32 ~ 12/7/2011 2:52:22 PM ~ Meyer: The transparency for a public treasurer is huge.Lost control over when you can call the money...could not call it..from Cheyenne Cajpital. Senator you acted like it was not a big deal but it is a big deal Maintain corpus, maintain liquidity.... fundamentally different complex type of investment, I told Board, if Board says they like it and want a couple, and have a period of payin that can draw over 3 or 4 years, no contest from me. 1:21:30 ~ 12/7/2011 2:54:20 PM ~ Nicholoas: Michael..Does a wyoming investment firm invest htrough local or do all the fees go 100% to people who only come here to ski once a year. 1:22:15 ~ 12/7/2011 2:55:05 PM ~ Meyer: If you objective is to help local businesses, can find some. If you want to be in the big business whihc we are with 14 billion...politics, domestic equities. 1:22:49 ~ 12/7/2011 2:55:39 PM ~ Nichola: Do you do it.. ARe there firms in Denver that you place ..in or is it all national. 1:23:07 ~ 12/7/2011 2:55:57 PM ~ Meyer: Our isp go out all over the world...anyone who can qualify can come in with an ifp is allowed to do so. You go where they are, one in chicago, mass, california, 1:23:55 ~ 12/7/2011 2:56:45 PM ~ Nicholas: If issue is concern with respect to full disclosure..investing in IBM do not know what they are doing, investing in Balckstone, do not know what they are doing, give greater scruntity to people we do not know..if goals not being met by Cheyeen capital 1:24:40 ~ 12/7/2011 2:57:29 PM ~ Meyer: I did not say that.. Kuntz puts them high on their rate of return...if you want to be with lareger companies, we are, tto make a purchase or certain type of equity, that has happened, we are bound to them until we get our money back which may be 2020. 1:25:36 ~ 12/7/2011 2:58:25 PM ~ Nichoals: fees, perspective 1:25:52 ~ 12/7/2011 2:58:42 PM ~ Michael: are we paying a fair rate.. The answer is yes...couple of things in our favor.. aside from that.. The amount of money we have gives us fee breaks that smaller investors doe not have, willingnesst o accept our negotiation of fees is that we are not a pension or anendowment Traditionally when the portfolio hit 10 Billion, hit the solvent fund...family of ...alaska, norway,,asset managers like a client list with this diversification, makes them open to discuss fees, We pay what we want and they are low. 1:27:52 ~ 12/7/2011 3:00:42 PM ~ StewardL Michael, handout pg 25, comparing return on investment of state agency fund not invested in equitites, struck by top part of page. looks like return is very low for state agency pool is very low but high for trust fund..on 5 yr return seems the opposit, please explain. 1:29:17 ~ 12/7/2011 3:02:07 PM ~ Michael: pg 25 which shows returns,, neg for fund for quarter down while state agency is up. These are total return figures, not a cash hand, The PMTF holds equities while the state agencies allocation is 50% for equitieis. The state agency pool holds only fixed income..will see a wider variance than in the state agency pool. Qtr ending Oct 30 not a good one in mkt...State agency not having exposured had better qtr. Longer term 5 yr period includes rough spots in equity mkt but the agency pool does not hav eexposure to the equity so did better... The yield on th ePMTF for FY 11 was....% vs. pool gency. 1:32:15 ~ 12/7/2011 3:05:05 PM ~ Meyer: State retirement lost 30% two years ago. State agency pool will chug along 4%. If you have an equity fund, which we lost 11% drop, When value goes up we take out that capital gain, the agency pool does not do that. When the mkt drops in equity we do not have to sell and we did not sell..some maverick managers did. 1:33:29 ~ 12/7/2011 3:06:19 PM ~ Steward: Averag yield for both accounts is ? 1:33:45 ~ 12/7/2011 3:06:35 PM ~ Meyer: Wildstar is very short term...can't generate the return on teh wyo star. 1:34:05 ~ 12/7/2011 3:06:55 PM ~ Michael: Most is in the State Agency pool That is the state's check boo, a 4 bill. check book. The return for the WYOStar is the same 1:36:04 ~ 12/7/2011 3:08:54 PM ~ Meyer The IT is a little bit problemmatic. 1:36:27 ~ 12/7/2011 3:09:17 PM ~ I 1:36:41 ~ 12/7/2011 3:09:31 PM ~ Meyer We are one of the most transparent organization in the country. Ignore me, we have a fanominal organization. The gov. approved most of our requests. 1:37:47 ~ 12/7/2011 3:10:36 PM ~ Garland THe gov did cut some IT and we are okay with that. We are on a 4 year rotation of the computers and printers. We learned that there were additional cuts on our exception requessts. We are not sure about teh type of equipment we are getting. 1:39:54 ~ 12/7/2011 3:12:44 PM ~ Nicholas: I put a lost of IT services out into the different agencies. Like I told the engineers, if the................ If you end up suffering , I would imagine they will have to address that. 1:42:21 ~ 12/7/2011 3:15:11 PM ~ Garland The only other request was to have a Risk Manager. Investment managers say that we need......................... The amount that has been 1:43:49 ~ 12/7/2011 3:16:39 PM ~ Nicholas Alriaght, lets do it. Any other questions 1:44:22 ~ 12/7/2011 3:17:12 PM ~ Harshman Oct. was better. So you don't have Nomember. Update in January Summary sheets like page 5 Thanks 1:45:22 ~ 12/7/2011 3:18:12 PM ~ 2:07:40 ~ 12/7/2011 3:40:29 PM ~ Lance You have before you our budget and also the reduction of 2%, 5 & 8%. We can talk about the exception requests. We will jump from Unit to Unit. In our Admin section First exception pays the Treasures Office. Page 16 AWAC employee fossils taken off state lands and kept at the museum. AWAC will work with those foffils. The position has been offered to the past 2:11:44 ~ 12/7/2011 3:44:34 PM ~ Nicholas Was this position created to offer Wally the job. Isn't this a function that UW could help with. How did the initiative get started 2:12:57 ~ 12/7/2011 3:45:47 PM ~ Lance: Whan I learned about my job , it came to be that the fossils had been neglected. Maybe auction some of them off. 2:14:02 ~ 12/7/2011 3:46:52 PM ~ Nicholas Are you going to offer Wally the job before the end of Legislation. This collection is housed over in Laramie Is there a colaberation with UW. Is there going to be of some use or value to anyone??? Is this something that the contractor will be required to be 40 hour a week job. 2:16:16 ~ 12/7/2011 3:49:06 PM ~ Lance yes it is 40 hours 2:16:27 ~ 12/7/2011 3:49:17 PM ~ Edmonds How much money did you get for the B11 process. 2:17:19 ~ 12/7/2011 3:50:09 PM ~ Edmonds MR. Ulrick is working now. 2:17:49 ~ 12/7/2011 3:50:39 PM ~ Lance How much time does the transition need? 2:18:10 ~ 12/7/2011 3:51:00 PM ~ Edmonds You didn't post this position. 2:18:25 ~ 12/7/2011 3:51:15 PM ~ Lance No 2:18:30 ~ 12/7/2011 3:51:20 PM ~ Edmonds Will the project will be done in two years? 2:18:49 ~ 12/7/2011 3:51:39 PM ~ Lance Yes it will be done Next is our Page 30 Land Reservation Surveys etc $809,000 Gov rec. full amount except from schood foundation account Fund 539 is used for ongoing projects. We didn't know if we were going to get more funding. Balance of $1mill + is ear-marked. DEQ is working through the final mediation ...... Page 32 We have about $340,000 through the rest of this biennium 2:23:19 ~ 12/7/2011 3:56:09 PM ~ Nicholas They talk about 32-33 If we are putting money into grazing with leases and we are not getting anywhere near the costs of improvements. 2:24:25 ~ 12/7/2011 3:57:15 PM ~ Lance: We need to be developing projects along a business aspect. Work needs to be done on our land and legislation has provided money for that. Green Mountain grazing allotment whcih will allow us more us we the federal lands. It has a lasting and ripple effect on other land users Page 54 IT The first is for computer equipment The gov reduced by.......... Was discussed with Mr. Waters. Page 55 $35,290 request for software. We can leave the Forestry items to later. Page 87 The ranch and loans division Last year loans $125 mill to be split driect distribution and county...... THe figures as they are presenter here 70% direct 30% county concensus Idon't know if Mr. Bosewell 2:30:50 ~ 12/7/2011 4:03:40 PM ~ Bosewell The gov asked me fall on my sword Local governjments would be severly short funded. 2:32:04 ~ 12/7/2011 4:04:54 PM ~ Nicholas When we leave on Friday We will have the staff tells us how the distribution went historically. We talked about the ALM funds to see if we have married appropriate projects to the AML funds. The schools facility poject. Specifically the construction of the prison. We want to make sure we are not building in obsolesence. A&I Locals is on the list. You can get brought up to speed by the staff. Or are they better projects to marry up Hathaway...... These are things that will require staff drafting. If we shift more into the concensus. How difficult would it be to bank money and work on projects later 2:37:36 ~ 12/7/2011 4:10:26 PM ~ Child There is no restriction for monies given to the county consensus. The only problem I can see is that thecost of a project rise if it takes a long time to get total monies 2:39:57 ~ 12/7/2011 4:12:47 PM ~ Nicholas Would you explore that? I guess you are free to bank all yu want. 2:41:03 ~ 12/7/2011 4:13:53 PM ~ Lance We do have comparisons about how we did that in the past. 2:41:34 ~ 12/7/2011 4:14:24 PM ~ Peterson I guess I am kind of dry back here. In my area we have 12 communities, 64 special communities ........ I'd like to know how many applications have been turned away. 2:43:14 ~ 12/7/2011 4:16:04 PM ~ Lance We have seen some relief is that our Federal dollars have...................... As we lay out 2:44:17 ~ 12/7/2011 4:17:07 PM ~ Peterson I know that there are other places for counties to get money. That swib money was for health and safety. 2:45:17 ~ 12/7/2011 4:18:07 PM ~ Nicholas How much would it costs to have all these special districts 2:45:58 ~ 12/7/2011 4:18:48 PM ~ Lance That is all we have 2:46:09 ~ 12/7/2011 4:18:58 PM ~ Nicholas Where is the report on the industrial road program 2:46:32 ~ 12/7/2011 4:19:22 PM ~ Meier About 59% participation Lots of activity in Converse County. 2:47:05 ~ 12/7/2011 4:19:55 PM ~ Lance We discussed quit a bit on how to work on this project. The counties we very cooperative. The difficulty was that we didn't have any standards for determining what an impacted road was We can kow leverage those resources 2:49:10 ~ 12/7/2011 4:22:00 PM ~ Meier I think we are all dissappointed with the Niobrara play. 2:49:46 ~ 12/7/2011 4:22:36 PM ~ Lance We just need a little more time. 2:50:13 ~ 12/7/2011 4:23:03 PM ~ Nicholas I think the gov's office used it for something a little different. It was suppose to be used for something else besides roads. Other impacts!! mancamps etc...... I hap actually been told what they were used for. A couple of counties 2:53:01 ~ 12/7/2011 4:25:51 PM ~ Lance We wanted to get the money out the door as soon as possible. Betweem Laramie and Goshen county, they did come with a couple of partners. 2:54:33 ~ 12/7/2011 4:27:23 PM ~ Nicholas: I think we have it worked out whatever it is. 2:55:08 ~ 12/7/2011 4:27:58 PM ~ Crapser Page we buying a crew carrier. the second is for 6 ATV's we are trying to get some rotation in place Page 70 New ship truck Gov denied Page 78 Not excption request, just our regular request. 2:57:42 ~ 12/7/2011 4:30:32 PM ~ Nicholas Did you give us a spreadsheet 2:58:48 ~ 12/7/2011 4:31:38 PM ~ Crapser Some counties do not participate Campbell would be the most expensive county I'm not sure making counties participate would be in the best history of the state. Page 83 Hellitack Increase $132,000 It is part of our overall firee butget,e heliicopter 3:01:34 ~ 12/7/2011 4:34:24 PM ~ Meier I was just trying to get some clarification 3:01:49 ~ 12/7/2011 4:34:38 PM ~ Crapser on Page 102 our building page ...... We are going to move our admin. people out to the old guard building. That is all I have. 3:03:06 ~ 12/7/2011 4:35:56 PM ~ Lance Norman 3:04:13 ~ 12/7/2011 4:37:03 PM ~ Lance We have been very concervative with this funds. Therefore I don't think we will need additional funding. We sould do away with overtime, 3:05:38 ~ 12/7/2011 4:38:28 PM ~ Meier: What we happen if you reallacated all the federal dollars. 3:06:37 ~ 12/7/2011 4:39:27 PM ~ Norman They work on both fed and state monies. That 3:07:02 ~ 12/7/2011 4:39:52 PM ~ Meier There is a fee on chemicals There are general fund monies that we use to partner with the private owners. 3:07:59 ~ 12/7/2011 4:40:49 PM ~ Edmons Shifting not cutting 3:08:27 ~ 12/7/2011 4:41:17 PM ~ Lance We have really stockpiled federal funds. I knew we could use them in the future 3:09:30 ~ 12/7/2011 4:42:20 PM ~ Wallis Why weren't we doing that previously 3:09:57 ~ 12/7/2011 4:42:47 PM ~ Lance As part of our revolving funds for clean water iniiative. There is a certain match comes from our office, ...... As part of those dollards, we set aside money to administer these funds. Now we believe it is now prudent to spend those funds. 3:11:56 ~ 12/7/2011 4:44:46 PM ~ Norman This monies are 3:12:13 ~ 12/7/2011 4:45:03 PM ~ Nicholas Can you only use those for administrative costs. 3:13:00 ~ 12/7/2011 4:45:50 PM ~ Norman There are a lot more restrictions on it. Is that there is a difinate need to use these 3:14:06 ~ 12/7/2011 4:46:56 PM ~ Nicholas If you have this availablility of funds that have been banked. Why didn't you use it earlier and save us money. What were you banking them for. Is this the appropriate use of these funds. What was that valuable thing that you were banking them for. 3:16:18 ~ 12/7/2011 4:49:08 PM ~ Norman It's not that the....... The program has increased in the last 4 or 5 years. We would have 3:17:43 ~ 12/7/2011 4:50:33 PM ~ Nicholas You have some bankable costs that you can loan out and then get them back. 3:18:32 ~ 12/7/2011 4:51:22 PM ~ Lance Yes, one Mr. Crapser has several vacancies The lead work position is 100% federal funded 3:19:37 ~ 12/7/2011 4:52:27 PM ~ Wallis There is sometime a little primer on the relationship between water agreements between the feds and the state. 3:20:50 ~ 12/7/2011 4:53:40 PM ~ Lance Very thumb nail but happily to share with you., No we have unfunded partnerships. That is changing now. Less grants, more loans That is correct Mr. Chairman It has been a struggle with the generousity of this body. 3:23:24 ~ 12/7/2011 4:56:14 PM ~ Crapser Let me correct Mr. Lance. We don't have several vacant positions. We sould cut $400,000 out of our fire surpression account. 8%, we would make another swipe at that fire surpression account. THe danger would be that if we had a lot of fires, we would be back to this body for more money. Any of our monies does revert of the general fund 3:26:53 ~ 12/7/2011 4:59:43 PM ~ Nicholas Why don't you give us a letter stating that the monies would revert to the general fund instead of the fire suppression fund 3:27:45 ~ 12/7/2011 5:00:35 PM ~ Crapser The fire surpression cuts would be substainable as long we didn't have any big fires.