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State Investment Board

  Annual FTEs General Fund State Other Funds Total Funds
  (Dollars in Thousands)
Estimated Expenditures 112.6 0 60,101 60,101
2021-23 Maintenance Level 116.1 0 60,770 60,770
Difference from 2019-21 3.5 0 669 669
% Change from 2019-21 3.1% 0.0% 1.1% 1.1%

2021-23 Policy Other Changes

Investment Data 0.0 0 4,464 4,464
Discretionary Reduction 0.0 0 (202) (202)
2021-23 Policy Other Changes Total 0.0 0 4,262 4,262

2021-23 Policy Comp Changes

Pension Adjustments, nonrate 0.0 0 38 38
State Employee Benefits 0.0 0 (41) (41)
Temporary Layoffs and Other Savings 0.0 0 (2,102) (2,102)
Non-Rep General Wage Increase 0.0 0 (348) (348)
2021-23 Policy Comp Changes Total 0.0 0 (2,453) (2,453)

2021-23 Policy Central Services Changes

Archives/Records Management 0.0 0 1 1
Audit Services 0.0 0 (8) (8)
Legal Services 0.0 0 (64) (64)
CTS Central Services 0.0 0 27 27
DES Central Services 0.0 0 9 9
OFM Central Services 0.0 0 140 140
Self-Insurance Liability Premium 0.0 0 1 1
2021-23 Policy Central Services Changes Total 0.0 0 106 106
Total Policy Changes 0.0 0 1,915 1,915
2021-23 Policy Level 116.1 0 62,685 62,685
Difference from 2019-21 3.5 0 2,584 2,584
% Change from 2019-21 3.1% 0.0% 4.3% 4.3%

Policy Changes

Investment Data

This item provides continued funding for ongoing work authorized in the 2019-21 budget. It includes a cloud-based data management system and additional software modules for investment risk management and performance attribution. (State Investment Board Expense Acct - State)

Discretionary Reduction

The Washington State Investment Board will reduce contractual services and travel costs. (State Investment Board Expense Acct - State)

Pension Adjustments, nonrate

This funds the potential impact of Department of Retirement Systems request legislation on pension service credit and benefit calculation. It will prevent budget reductions such as temporary layoffs from negatively affecting employee retirement benefits. (State Investment Board Expense Acct - State)

State Employee Benefits

Health insurance funding is provided for state employees who are not represented by a union, who are covered by a bargaining agreement that is not subject to financial feasibility determination, or who are not part of the coalition of unions for health benefits. The insurance funding rate is $988 per employee per month for fiscal year 2022 and $1,018 per employee per month for fiscal year 2023. (State Investment Board Expense Acct - State)

Temporary Layoffs and Other Savings

This item reflects savings achieved from temporary layoffs or similar actions. (State Investment Board Expense Acct - State)

Non-Rep General Wage Increase

This reflects savings from the cancellation of the July 1, 2020 general wage increase for some non-represented, non-classified employees. (State Investment Board Expense Acct - State)

Archives/Records Management

Adjustments are made for each agency’s anticipated share of charges for archives and records management services provided by the Secretary of State’s Office. (State Investment Board Expense Acct - State)

Audit Services

Adjustments are made for each agency’s anticipated cost of audits performed by the State Auditor’s Office. (State Investment Board Expense Acct - State)

Legal Services

Adjustments are made for each agency’s anticipated cost of legal services provided by the Attorney General’s Office. Because legal services expenditures are based on consumption, funding provided in the central service model is not all inclusive. (State Investment Board Expense Acct - State)

CTS Central Services

Adjustments are made to reflect each agency’s anticipated share of charges for Microsoft 365 G5 licenses contracted for state agencies by the Consolidated Technology Services agency. This contract allows the state to achieve economies of scale and administrative efficiencies in the management of licenses. (State Investment Board Expense Acct - State)

DES Central Services

Adjustments are made to reflect each agency’s anticipated share of charges from the Department of Enterprise Services (DES) for campus rent, utilities, parking, and contracts; capital project surcharges; financing cost recovery; public and historic facilities; real estate services; risk management services; personnel service rates; the Perry Street child care center; small agency services; and the department’s enterprise applications. (State Investment Board Expense Acct - State)

OFM Central Services

Adjustments are made to reflect each agency’s anticipated share of charges for existing statewide financial applications, One Washington, and other central services provided by the Office of Financial Management. (State Investment Board Expense Acct - State)

Self-Insurance Liability Premium

Adjustments are made to reflect each agency's share of actuarily projected costs of the Self-Insurance Liability Account. This includes adjustments to existing funding levels as well as enhancements for anticipated liabilities in the 2021-23 biennium. (State Investment Board Expense Acct - State)