The Joint Finance-Appropriations Committee heard from the Department of Administration's insurance staff about gaps in the state's property valuation process and a request for one full‑time position to audit insured property values.

Faith Knowlton, administrator for the department's division of insurance, said her office currently has a single analyst responsible for an expansive portfolio: "we have 1 analyst that, is responsible for over $11,000,000,000 in property. And she also is responsible for over 8,500 vehicles," she told the committee. Knowlton described multiple instances in which agencies had left demolished buildings on their property lists or entered replacement values that included land, causing inflated insurable values.

Committee members asked whether the state had been overpaying insurance premiums and whether refunds were possible. Knowlton said the office had removed roughly $500 million in over‑insured property values during an initial round of appraisals and that removal "saved the state about $120,000," but she added that refunds for prior overpayments are limited: the department can seek a refund only within the current year for identified corrections. To improve oversight, Knowlton said the division has started a four‑year appraisal process for the entire portfolio and is requesting the analyst position so agencies would be required to coordinate property additions or changes through the division.

Deputy Director Steve Bailey and committee members discussed scope and staffing. Bailey said the requested analyst would allow the division to enforce consistent valuation practices and reduce over‑insurance and related cost leakage.

Ending: The committee did not vote; staff agreed to provide additional detail on appraisal progress and the scope of savings and refunds available under current procedures.