Governor Disappointed in Investment Council

Air Date:01/21/2011

By Jackelyn Severin

Governor Dennis Daugaard is unhappy with the South Dakota Investment Councils budget proposals for their department. The council went before the appropriations committee Thursday and presented a plan that keeps senior investment officials at their current salaries and allows some pay increases for younger staff.  

Governor Daugaard says he met with the Investment Council last week. He says they agreed on a ten percent reduction for the department through cutting investment officer salaries and reducing salary increases for lower paid professionals . Daugaard says the council proposed a different budget before the appropriations committee Thursday.
 
Daugaard says, "I’m just simply disappointed that the investment council did not see their way clear to participate along with some many other dedicated employees in achieving our goal of eliminating our structural deficit. And again I want to urge the legislature to not agree with his budget proposal."
 
State Investment Officer Matt Clark says there was not an expectation for him to present the Governor’s proposed cuts to the appropriations committee. Clark says he has great respect for the governor and that this is an unfortunate misunderstanding.

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