Idaho lawmakers approve $1.4M budget for financial and insurance programs
February 14, 2025 | Appropriations, HOUSE OF REPRESENTATIVES, Committees, Legislative, Idaho
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The Idaho House Appropriations Committee convened on February 14, 2025, to discuss budget enhancement requests for various state departments, focusing on the Department of Finance and the Department of Insurance.
The Department of Finance presented a request for six full-time equivalent (FTE) positions, totaling $888,800. This included four financial examiners, with specific roles aimed at enhancing IT capabilities and cybersecurity within the Financial Institutions Bureau and the Securities Bureau. The governor recommended four of the six positions, excluding two for the Consumer Finance Bureau. The committee ultimately approved a motion to allocate an additional $765,800 from dedicated funds and five FTEs for the department.
The Department of Insurance sought enhancements totaling $533,400, which included requests for a staff actuary and a regulatory compliance specialist, as well as a compensation increase for the State Fire Marshal program. The committee unanimously supported the motion, which also included funding for replacement items for the fire marshal program.
Additionally, the Office of the State Board of Education presented a budget for special programs, requesting $1,414,100 and 0.27 FTEs. This budget included funding for various educational initiatives, such as the rural educator incentive program. The committee expressed concerns about the structure of these budget requests, emphasizing the need for a more efficient evaluation process in the future.
Overall, the meeting highlighted the ongoing efforts to enhance state services through targeted funding and staffing increases, with a focus on IT and regulatory compliance across key departments. The motions passed with strong support, indicating a commitment to improving state operations and services.
The Department of Finance presented a request for six full-time equivalent (FTE) positions, totaling $888,800. This included four financial examiners, with specific roles aimed at enhancing IT capabilities and cybersecurity within the Financial Institutions Bureau and the Securities Bureau. The governor recommended four of the six positions, excluding two for the Consumer Finance Bureau. The committee ultimately approved a motion to allocate an additional $765,800 from dedicated funds and five FTEs for the department.
The Department of Insurance sought enhancements totaling $533,400, which included requests for a staff actuary and a regulatory compliance specialist, as well as a compensation increase for the State Fire Marshal program. The committee unanimously supported the motion, which also included funding for replacement items for the fire marshal program.
Additionally, the Office of the State Board of Education presented a budget for special programs, requesting $1,414,100 and 0.27 FTEs. This budget included funding for various educational initiatives, such as the rural educator incentive program. The committee expressed concerns about the structure of these budget requests, emphasizing the need for a more efficient evaluation process in the future.
Overall, the meeting highlighted the ongoing efforts to enhance state services through targeted funding and staffing increases, with a focus on IT and regulatory compliance across key departments. The motions passed with strong support, indicating a commitment to improving state operations and services.
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