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From YouTube: Idaho Land Board Commissioners Monthly Meeting
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A
Examiners
will
come
to
order.
Thank
you,
governor
for
the
record.
We
have
Governor
little
and
attorney
general
Labrador
here
in
person
on
our
consent
agenda.
Today
we
have
the
minutes
from.
B
A
2017.
2023
item
number
two
is
from
the
office
of
emergency
management,
and
this
is
one
incident
from
Bannock
County.
These
are
just
three
item.
Number
three
is
from
the
Ada
County
Sheriff's
Office.
This
is
the
transportation
of
prisoners.
Item
number
four
is
from
the
department
administration.
This
has
two
items:
one
is
a
assignment
of
contract
and
the
other
one
is
a
lease
assignment
and
item
number
five
is
from
the
office
of
the
Secretary
of
State.
A
This
is
updating
their
distribution
list
of
Idaho
code
and
its
supplements,
and
that
concludes
the
consent
agenda
for
the
board
of
examiners.
A
A
The
subcommittee
chose
not
to
make
any
changes
at
this
time,
but
we
just
included
in
the
packet
for
you
to
review
a
survey
of
what
we
did
the
results
of
here
in
state,
what
the
border
states
and
what
the
historical
values
just
so
you
have
that
for
reference
item
number
seven
is
from
the
controller's
office.
Is
the
report
of
overtime
paid
on
flsa
exempt
employees
for
our
office
working
on
Luma
and
item
number?
Eight
is
from
the
State
Insurance
Fund,
and
that
concludes
the
agenda
for
the
board
of
examiners.
C
D
D
Well,
thank
you
Governor
land
board,
members
and
good
morning.
This
is
the
regular
meeting
of
the
State
Board
of
land
Commissioners
for
Tuesday
February,
21st
2023
and
our
first
regular
land
board
meeting
of
the
year
and
really
want
to
welcome
our
new
members
attorney
general
Labrador,
superintendent,
critchfield
and
secretary
mcgrane.
I.
Think
we'll
be
here
soon,
so
look
forward
to
working
with
you
and
and
working
through
all
the
challenges
and
opportunities
ahead
of
us
as
we
work
towards
doing
great
things
for
the
endowment
beneficiaries.
D
So
as
customary
I'll
walk
us
through
the
department
report,
so
at
any
time
go
ahead
and
stop
me
and
we
can
I
can
answer
questions
so
tab.
One
attachment
a
in
your
binders
is
the
department
Timber
sales
transactions
activities
during
January
of
2023,
the
department
of
land
sold,
three
endowment
Timber
sales
at
auction
and
all
of
which
had
competitive
bidding
the
net
sale
value
represents
an
11
up
bid
over
the
appraised
value.
There
were
two
endowment
Timber
sales
that
did
not
sell
on
auction.
D
However,
these
two
unsuccessful
sales
are
being
reappraised
to
account
for
current
market
conditions
and
will
be
re-advertised
and
offered
for
sale
at
a
later
date.
The
FY
22
sales
plan
has
one
remaining
sale
to
be
sold
at
auction.
This
is
a
wildcat
Cedar
sale
up
at
the
Priest
Lake
Area.
It's
the
third
and
final
attempt
at
auction,
which
is
scheduled
for
February
28th.
D
For
this
sale.
We
have
removed
the
obligation
for
the
purchaser
to
chip
seal
the
road,
which
is
about
two
and
a
half
miles
of
Road,
bringing
the
road
development
costs
down
to
within
landboard
policy,
and
so
the
road
development
costs
are
now
below
50
percent
of
the
net
sale
value.
So
we're
hoping
to
get
this
this
sale
sold
by
the
end
of
the
month
is.
D
Total
solid
volume
sold
in
January
was
more
than
16.8
million
board
feet
with
a
net
sale
value
of
nearly
5.2
million
dollars
and
308.60
a
thousand
board
foot.
The
next
table
shows
our
Timber
sales
that
were
either
sold
or
are
scheduled
for
sale
later
this
month,
I
will
be
reporting
on
the
results
of
these
sales.
D
At
the
next
meeting,
five
sales
in
Northern
Ops
amount
to
nearly
22.9
million
board
feet
of
volume
and
is
valued
at
just
over
six
million
dollars,
and
the
two
sales
in
South
Ops
includes
9.2
million
board
feet
of
volume,
valued
at
just
over
a
million
dollars.
The
next
table
gives
you
the
details
of
our
Timber
volume
under
contract.
As
of
January
31st.
The
department
currently
currently
has
152
active
Timber
contracts.
Total
volume
on
our
contract
is
about
458.5
million
board
feet,
valued
at
135.5
million
dollars.
D
Most
of
the
purchasers
typically
Harvest
this
volume
within
one
to
three
years
of
purchase,
but
contracts
generally
cover
a
five-year
window.
So
interest
is,
is
assessed
at
six
percent
each
year.
The
wood
is
the
wood
under
contract
remains
on
the
stump.
So
that's
the
incentive
for
purchasers
to
harvest
the
wood
sooner
than
later.
The
next
table
on
page
two
is
a
summary
of
the
Department's
Timber
Harvest
receipts
fiscal
year.
D
To
date,
Timber
Harvest
receipts
have
amounted
to
more
than
55.5
Million
Dollars
January
January
brought
in
more
than
6.2
million
dollars,
while
February
is
likely
to
bring
in
a
little
more
than
six
million
dollars
in
stumpage
and
interest.
D
The
bottom
table
is
the
status
of
the
FY
23
Timber
sale
program
currently
sold
or
in
process,
is
over
160
million
board
feet
of
volume
or
about
49
of
the
volume
offered
in
the
FY
23
sales
plan,
and
currently
we
are
about
50
percent
of
the
way
through
the
annual
Cedar
pull
program
and
turning
your
attention
to
the
bottom
graph
on
page
two
current
fiscal
year
to
date,
Harvest
receipts
is
about
105
of
the
three-year
average,
given
more
volume
now
being
offered
pursuant
to
the
forest
Asset
Management
plan
and
the
volume
currently
under
contract.
D
The
orange
bands
give
us
a
range
of
where
we
expect
Timber
Harvest
to
receive
receipts
to
come
in
by
the
end
of
the
fiscal
year.
The
next
graph
on
the
top
of
Page
Three
is
your
cumulative
Harvest
volume
and
we
are
at
98
of
the
three-year
average
foreign
ER
land
board
members.
The
bottom
graph
on
page
three
is
our
monthly
Lumber
and
stubbage
price
index
and
I'm
already
seeing
the
smile
from
the
governor.
So
I
will
go
through
this
as
quickly
as
possible.
D
Governor
going
to
take
a
few
minutes,
a
few
minutes
to
explain
this
for
those
that
may
be
a
little
bit
unfamiliar
with
it.
So
the
graph
shows
several
related,
but
very
different
measures
of
lumber
and
stumpage
prices
over
time.
The
green
line
represents
lumber
prices
using
the
Inland
composite
number
Lumber
price.
Note
the
significant
price
volatility
depicted
in
by
the
green
line
on
the
graph.
This
was
during
a
particular
2020
through
2022.
These
were
the
years
that
we
were
in
the
thick
of
it
during
the
coveted
pandemic.
So
this
is
not.
D
That
was
not
typical
to
see
many
factors
influenced
lumber
prices
during
this
period
of
time,
including
high
demand
for
home,
repair
and
remodeling,
as
well
as
new
home
construction.
In
addition,
supply
chain
issues
such
as
transportation
and
labor
labor
shortages
can
contributed
to
these
high
prices.
The
green
line
is
the
price
for
finished
lumber
and
I
want
to
emphasize
that
there'll
always
be
a
Delta
between
lumber
and
stumpage
prices
due
to
harvesting
Transportation
processing
costs
plus
mil
profit.
Mills
have
sufficient
volume
under
contract
to
allow
for
ongoing
operations.
D
Ideal
Timber
prices
are
fixed
for
the
contract
terms,
so
once
under
contract
prices,
don't
escalate
or
decrease
based
on
market
conditions,
endowment
Timber
sales
sold
in
any
month
are
likely
to
be
harvested,
like
I
said
earlier,
one
to
three
years
later,
except
in
the
case
of
salvage
sales,
which
are
done
in
an
expedited
fashion.
For
obvious
reasons,
the
dark
red
line
shows
the
stoppage
price
received
for
Timber
sales
auctioned
each
month.
Stumpage
is
the
price
paid
for
contractual
right
to
harvest
Timber
on
endowment
lands
this
land?
D
The
key
to
receiving
the
best
price
for
the
beneficiaries
is
marketing
the
high
quality
sales
that
generate
interest
amongst
the
multiple
bidders
and
the
blue
line
depicts
the
rolling
six-month
average
for
stumpage
price
for
the
endowment
Timber
sales.
This
line
combines
all
sales
from
the
highest
quality,
Cedar
sales
to
and
other
saw,
log
Timber
to
the
lowest
value
species
and
salvage
sales.
D
The
blue
line
is
a
better
indicator
of
the
long-term
stubbage
price
trends,
removing
the
month-to-month
variability
of
the
individual
sales
discussed
previously,
and
if
you
note
that,
since
the
spring
of
2020,
stumpage
prices
have
trended
up
rather
significantly
based
on
the
six
month
average.
For
example,
during
2019,
the
average
was
around
200
a
thousand
well
from
the
middle
of
2021.
Until
present,
the
price
has
increased
to
over
three
hundred
dollars,
a
thousand
if
lumber
prices
Trend
lower
and
remain
lower,
then
over
time
stoppage
prices
would
likely
Trend
lower
as
well
so
just
real
quickly.
D
Regarding
current
market
trends
on
the
finished
lumber
side,
prices
are
well
below
the
peak
levels
scene
again
between
2020
and
2022,
and
have
approached
a
the
price
level
that
was
typical
of
2019.
weather
delays,
economic
uncertainty
and
a
bearish
January
housing
start
reports
were
contributing
factors.
D
Single-Family
housing
starts,
have
declined
for
five
months
and
are
down
about
21
percent
year
over
year,
and
single
fam
single
family
permits
were
slightly
higher
in
January,
though
down
20
27
percent
year
over
year
and
again,
the
the
30-year
mortgage
rate
was
6.32
percent
higher
than
the
last
few
weeks
the
pace
of
new
home
sales
increased
last
week
through
prices,
though
prices
are
trending
lower.
D
So
that's
a
little
bit
of
what's
going
on
with
the
market
right
now,
we've
we've
talked
a
lot
about
this
graph.
I'd
love
to
see
the
the
six-month
average
price
pull
up
even
higher,
and
you
do
you
do
see
that
pull
up
over
time
again.
We've
we're
right
now
January
2023
the
six
month.
Average
price
is
just
over
three
hundred
eleven
dollars.
A
thousand
so
governor
with
that
I
will
stand
for
questions
on
this
portion
of
the
report.
D
So
Governor
that
was
a
ton
sale
if
I
can
get
the
name
of
that,
it
was
called
the
Fool's
Gold
ton,
sale,
I
believe
and
I'm
looking
at
Jeremy,
shover
and
he'll
he'll
get
up
and
stop
me
if
I'm
incorrect
here,
but
I
believe
that
ton
sale
was
one
of
the
sales
that
did
not
sell
this
last
month.
E
Yeah
Governor,
thank
you
for
the
question
off
the
top
of
my
head.
I,
don't
know
exactly
it's
out
of
the
McCall
supervisory
area.
Fool's
Gold
ton
I
believe
that
was
yeah.
I
would
have
to
look
back
at
the
vicinity
map
and
make
sure
exactly
where
it
was
looks
like
it's
right
in
the
middle
of
poor
service
property,
we
might
have
to
double
check
the
the
gis
layer
but
later.
Thank
you.
D
Okay,
if
there's
no
further
questions
there,
I'll
direct
you
to
page
one
of
attachment
B.
This
is
the
endowment
transactions,
including
leasing
permits
and
and
real
estate
transactions
within
the
trust,
Land
Management
division
in
January
the
department
issued
a
total
of
13
instruments,
which
includes
six
lease
assignments
and
seven
land
use
permits.
D
The
department
also
granted
seven
deeds
in
January
related
to
the
University
of
Idaho's
Cafe
land
acquisition
in
Minidoka
County
and
the
vandals
one
Timberland
acquisition
in
North
Idaho,
which
which
closed
in
January,
so
those
were
Deeds
acquired,
I
misspoke
there
earlier
on
to
page
two.
This
is
our
monthly
fiscal
year
to
date,
trust
Land,
Management,
division
Revenue
through
the
end
of
January,
and
this
is
for
non-timber
Revenue.
D
Total
income
generated
from
leasing
activities
through
January
is
nearly
4.2
million
dollars
just
slightly
ahead
of
expected
Revenue
with
our
fiscal
year
and
Target
being
about
6.3
million
dollars.
You'll
see,
there's
been
a
lot
of
activity
on
the
commercial
side,
some
big
contributing
factors
there,
where
the
the
recreational
access
agreements
with
the
Department
of
Fish
and
Game.
Those
monies
have
come
in
as
well
as
our
lease
payment
from
from
Tamarack
Resort.
A
Governor
troller,
director
I,
don't
know
if
you
or
one
of
your
staff
member,
but
on
the
bottom
there,
the
real
estate
I,
know
what
that
was
in
the
past
years.
It
was
you
know
that
out
in
Caldwell
property,
but
for
this
year.
What
is
this
real
estate
services?
183
000?
What
is
that
generated
from
well.
D
I
I
might
I
might
ask
Jason
Laney
If.
He
if
he
knows
this
question,
but
you
know
these
are
certainly
funds
paid
to
the
department
by
a
proponent,
given
the
closing
real
estate
transactions,
I
believe
vaffo
properties.
We're
we're
part
of
this.
Some
of
the
money
that
we've
we've
recently
sold
on
baffo
have
gone
into
that
account
so
Jason.
If
there's
anything
else
to
expand
upon
that,
we
can
get
you
more
details
on
that.
183.
D
Okay,
turning
to
page
three
cumulative
trust
land
program
receipts,
this
graph
reflects
how
we
compare
against
the
three-year
average
for
leasing
receipts,
where
we
currently
sit
about
110
percent
of
the
three-year
average.
D
On
to
page
four,
this
is
the
status
of
Revenue
and
royalties
from
the
sale
of
minerals
such
as
sand
and
gravel,
phosphates
and
other
minerals.
This
money
is
deposited
into
the
Permanent
Fund,
as
you
can
see
on
this
graph.
Thus
far
this
fiscal
year
we
have
deposited
nearly
1.4
million
dollars
into
the
Permanent
Fund
tracking,
just
slightly
below
the
three
are
average
and
68
percent
of
this
revenue
is
derived
from
the
sale
of
sand
and
gravel
Governor.
I
will
stop
there
to
see
if
there's
any
questions,
questions.
C
F
All
right
and
I'm
going
to
chalk
this
up
to
to
a
new
person
trying
to
understand
this
Dustin.
You
made
the
comment
when
you
looked
at
the
graph
on
page
three,
the
monthly
Lumber
and
stumpage
price
that
you
were
hoping
to
see
that
get
up.
You
know
to
climb
that
I
guess
this
is
a
question
just
about
the
function
of
this
group,
but
decisions
that
that
we
make
here
does
that
impact
that
or
are
all
of
those
the
graphs?
Are
they
all
determined
by
market
factors
that
are
unrelated
to
decisions
here?
F
How
what's
the
I
guess.
D
Yeah,
governor
and
superintendent
Richfield,
thank
you
for
the
question,
so
certainly
we're
we're
at
the
mercy
of
the
market
on
a
lot
of
this.
If
you
look
at
the
graph
how
volatile
the
timber
Market
the
lumber
Market
had
been,
and
so
you
see
our
our
stuff,
it's
price
kind
of
took
along
there.
The
gaps
there
in
the
red
are
are
times
when
we've
when
we've
had
no
sales
in
a
particular
month.
D
Ultimately,
given
the
the
high
lumber
prices,
the
our
six-month
average
price
has
trended
up,
it
has
ticked
up,
given
the
high
prices
plus
I
will
say
that
adding
more
volume
to
the
market
is
is
always
a
good
thing.
As
long
as
there's
purchasers
out
there
that
are
are
able
to
buy
it
right.
A
lot
of
log
yards
are
full.
D
There's
458
million
board
feet
currently
under
contract
right
now,
so
that's
wood.
That's
still
in
the
stump
that
was
bought
at
a
certain
price
that
will
be
cut
at
a
later
date.
We're
trending
up
towards
328
million
board
feet.
That
was
a
five-year
ramp
up
in
our
forced
Asset
Management
plan
from
247
that
was
supported
by
the
land
board.
We
will
be
entering.
We
have
entered
year,
four
of
that
Fab
to
ramp
up
to
328,
and
we
will
be
taking
a
look
at
the
next
course.
D
Right
now,
the
department
provides
roughly
30
percent
of
the
total
stumpage
for
the
industry
in
Idaho,
so
we
provide
30
of
the
volume
for
the
entire
industry
and
Idaho,
so
we're
a
big
player
and
the
and
the
land
board
does
play
a
huge
role
in
ensuring
that
we
are
are
implementing
the
right
plans
and
policies
to
keep
those
lines
going
in
the
right
direction:
more
fees
for
the
for
the
endowments,
more
income
for
the
endowments,
and
so
certainly
when
we
bring
our
annual
sales
plan
and
our
our
updated
Force
ask
management
plan.
D
D
So,
okay,
there's
no
further
questions.
Governor
I
will
move
on
to
the
land
bank
balance
attachment
C
in
your
binders.
This
is
your
quarterly
Land
Bank
aging
report.
As
a
reminder,
proceeds
from
the
sales
of
endowment
lands
go
into
this
fund
to
be
used
to
acquire
other
properties
for
the
endowments.
If
each
deposit
is
not
used
within
a
five-year
time
frame,
then
the
money
automatically
rolls
into
the
Permanent
Fund
and
is
added
to
the
endowment's
financial
assets.
D
So
the
current
balance
in
the
land
bank,
including
interest,
is
just
over
66.6
million
dollars
that
accounts
for
the
vandals
one
acquisition
what's
not
accounted
for
just
yet
is
about
17
million
dollars.
That's
yet
to
go
to
the
College
of
an
AG
College
of
Ag
and
Life
Sciences
for
the
buildings
and
improvements
in
the
cafe
Center,
so
that
money
will
be
allocated
to
the
to
the
university
for
those
projects.
Director.
D
On
the
on
the
land
bank,
governor.
D
Okay,
we'll
get
we'll
get
back
to
you
on
that
governor
and
quickly
on
to
attachment
D.
Unless
there's
no
questions
there,
governor
on
the
land
bank
on
to
attachment
D.
This
is
a
current
legislative
summary,
our
fee
and
non-fee
rules,
and
just
just
pointing
out
a
few
things
here
quickly.
Our
fee
and
non-free
rules
passed
out
of
the
Senate
resources
and
environment
committee,
but
we're
currently
awaiting
action
on
the
house
side
and
the
house
resources
and
conservation
committee
quickly.
D
Just
last
Friday
jfac
approved
our
FY
23,
supplemental
request
for
the
Eastern
Idaho
Cottonwood,
Forest,
Protection
District,
and
for
the
fire
engines
and
other
equipment
needed
in
other
Statewide
locations.
The
last
thing
to
point
out
on
the
legislative
front
is
that
the
stakeholder-led
legislation-
s
1049,
which
allows
for
a
warning,
then
a
250
dollar,
infraction
to
be
issued
to
anyone
caught
violating
use
restrictions
on
state
endowment
lands
passed
unanimously
out
of
the
Senate
resources
and
environment
committee
and
is
awaiting
action
on
the
senate
floor.
So
Governor
I'll
stop
there.
D
Yeah
yeah
they
were
held
held.
There
were
awaiting
further
action
on
the
on
the
house
side.
Anything
else.
Just
the
last
thing:
the
RPA
biannual
report,
the
I'll,
bring
up
Mike
Mick
Thomas
here
to
report
out
on
this.
This
is
attachment
e
in
your
binders
Mick
Thomas
is
the
division
administrator
for
minerals,
navigable
waterways
and
oil
and
gas
Mr
Thomas.
C
H
You
chairman,
Governor
members
of
the
land
board.
Thank
you
Dustin
for
that
introduction,
additional
information
for
some
new
board
members,
I'm,
also
the
secretary
to
the
Idaho
oil
and
gas
Conservation
Commission,
and
the
landlord
representative
to
The
Advisory
Board
of
the
Idaho
Geological
Survey.
So
so
everybody
knows
what
to
blame
me
for,
as
things
come
along.
Thank
you
item
1e
and
your
binder
is
the
resource,
protection
and
assistance.
H
Regarding
our
navigable
waterways
program
table,
one
shows
the
encroach
shows
that
encroachment
permits
and
submerged
land
leases
have
been
generally
stable
over
the
past
eight
years.
Over
the
past
six
months,
our
program
has
been
able
to
fill
two
vacancies
positions
for
the
navic
waterways
program
manager
and
a
program
specialist.
These
positions
have
assisted
the
area
offices
working
through
new
and
renewed
leases,
providing
a
significant
increase
in
income
for
the
leases
over
the
five-year
average.
H
Excuse
me
turning
to
page
two
in
compliance
with
executive
order,
2020-01
the
rules
governing
leases
on
state-owned
navigable
waterways,
idapa
200317
was
approved
as
director
Miller
indicated
as
a
pending
rule
for
review
by
the
2023
legislature.
These
were
presented
to
the
house
resource
and
conservation
committee
again
on
January
31st.
H
H
H
This
continues
the
program's
trend
of
generating
approximately
one
million
dollars
in
annual
contributions,
while
contributing,
while
continuing
to
be
100
self-funded,
while
outpacing
our
five-year
average
for
the
period
before
I
go
into
mineral
regulatory.
Are
there
any
questions
regarding
the
Napa
waterways
program?
A
H
Chairman
Governor
controller
wolf.
Yes,
this
was
an
issue,
as
you
recall,
that
kind
of
came
to
a
head
a
few
years
back
right
and
in
that
interim,
the
area
office
has
been
able
to
continue
discussions
with
the
county
right,
which
also
has
that
jurisdiction
over
the
boys,
not
the
department
of
lands,
but
all
of
us
continue
to
cooperate.
I
haven't
had
any
indication,
there's
any
bad,
okay,
anything
bad
on
the
horizon
coming
into
this
season.
Thank
you.
H
H
H
The
final
environmental
impact
statement
issued
has
been
issued
for
the
new
husky
one
Phosphate
Mine
proposed
by
edifos,
and
additionally,
the
Delamore
mine
west
of
Silver
City
has
completed
their
redesign
and
is
developing
a
proposed
plan
for
the
Idaho
Department
of
lands
and
other
agencies
for
mine
permits
and
bonding.
The
department
administers
1556
mine
sites
covered
by
Reclamation
plans
and
30
sites
covered
by
dredging
plaster
permits.
H
I
Governor
and
members
of
the
landlord
good
morning,
my
name
is
Chris
Anton
I'm,
the
manager
of
Investments
for
the
endowment
fund,
investment
board.
It's
nice
to
meet
all
of
you
and
look
forward
to
building
a
relationship
with
you,
I'll,
be
here
every
month,
providing
you
with
an
update
on
the
performance
of
the
endowment
fund.
I
As
you
can
see
in
your
report,
financial
markets
moved
higher
in
January,
as
Europe
was
helped
by
significantly
lower
natural
gas
prices.
China
finally
began
to
reopen,
as
it
relaxed,
coveted
zero
policies
and
the
U.S
continued
to
experience,
moderating
inflation
and
a
resilient
labor
market.
The
fund
was
up
5.2
percent
during
the
month,
which
left
us
up
8.1
percent
fiscal
year
to
date,
financial
markets
were
closed
on
Monday,
but
through
Friday
the
fund
was
up
7.7
percent,
so
we're
in
about
the
same
place.
We
were
at
the
end
of
January.
I
The
Improvement
in
business
sentiment
is
certainly
welcome,
but
it
remains
to
be
seen
how
quickly
inflation
will
cool
and
how
long
the
FED
will
maintain
its
restrictive
monetary
policies.
Inflation
did
cool
slightly
in
January,
the
the
annual
rate
for
headline
inflation
dropped
from
six
and
a
half
percent
in
December
to
6.4
percent
in
January.
So
certainly
inflation
is
moving
down,
but
is
is
fairly
sticky
and
we
have
a
long
way
to
go
to
reach
the
fed's
goal
of
two
percent.
I
Investors
seem
to
be
anticipating
that
the
FED
will
cut
rates
soon.
However,
the
FED
insists
that
they're
going
to
keep
rates.
You
know
strong
and
at
the
Highlight
current
high
levels
through
the
end
of
2023.
That
Dynamic
is
very
important
because,
as
all
of
you
know,
the
longer
rates
stay
at
an
elevated
level,
the
greater
the
probability
the
economy
will
slow
and
we
could
move
into
a
recession
in
terms
of
activities
by
the
board.
We
had
a
board
meeting
last
Thursday.
I
Our
next
meeting
will
be
in
May
and
for
those
of
you
who
are
new
to
the
land
board,
our
board
typically
appears
before
the
land
board
twice
a
year
in
May
and
November.
We
participate
in
the
first
part
of
the
meeting,
provide
a
semi-annual
and
an
annual
report.
It's
in
an
opportunity
for
the
landlord
to
get
to
know
our
board
members
as
well.
I
This
the
second
part
of
the
report
exhibit
B,
just
provides
more
detail
on
how
the
funded
by
sub-asset
category
and
how
each
of
the
investment
managers
performed
the
green
and
the
red
I.
Guess
it's
important
to
highlight
those
don't
indicate
whether
we're
up
or
down
they
indicate
whether
we're
better
than
the
Benchmark
and
the
governor
requested.
This
I
think
it's
a
helpful
tool.
If
it's
green,
it
means
that
the
managers
have
performed
better
than
their
respective
Benchmark
if
it's
red
they've
performed
worse
than
their
Benchmark.
A
I
Governor
controller
wolf,
you
know,
one
of
the
managers
that
we've
really
kept
a
close
eye
on
is
is
Sans
Capital.
There
are
large
cap
growth
manager
and,
as
the
FED
has
increased
interest
rates,
growth
stocks
have
come
under
considerable
pressure
and
they
more
than
the
growth
index
they
were.
They
were
down
almost
50
percent
last
year.
If
you
look
at
the
second,
the
second
page
of
that
report,
you'll
see
so
far
fiscal
year
to
date,
they're
up
15.1.
They
were
up
I,
think
23
last
week,
they're
finally
starting
to
improve.
I
But
if
you
look
at
their,
you
know
the
fiscal
year
today
or
the
last
three
years,
they're
still
about
point
nine
percent
below
their
Benchmark,
so
we're
keeping
a
close
eye
on
sands
I.
Think
a
lot
of
it
is
the
fact
that
the
the
whole
growth
Market
is
down,
but
they've
been
down
more
than
the
market,
so
we're
watching
them
closely.
C
I
think
I
asked
this
before.
How
often
do
you
mark
the
real
estate
to
Market
every.
I
A
I
Page,
yes,
Governor
controller
will,
yes,
that's
correct
and
it's
actually
an
outstanding
fund.
If
you
look
at
relative
to
Benchmark,
however,
they
look
they
don't
they
don't.
Look
that
great
and
part
of
the
problem
was
we've
trained,
we're
in
the
process
of
transitioning
from
the
UBS
Trumbull
property
fund
into
the
CBRE
fund
and,
as
we've
all
seen,
the
public
Reit
markets
have
taken
write
Downs,
as
mortgage
rates
have
gone
up
the
private
funds
to
the
governor's
point.
I
There
is
a
lag
because
they
do
their
appraisals
quarterly,
and
so,
as
we've
started
to
transition
into
CBRE,
the
timing
hasn't
been
great
because
they
they
had
write
Downs
in
the
fourth
quarter
right
at
the
time.
You
know
we
we're
halfway
through
the
transition
so
that
we
have
confidence
in
the
fun
long
term,
but
at
their
initial
performance
doesn't
look
spectacular.
Thank.
I
Yes,
Governor
secretary
mcgreen
yeah,
so
The
Benchmark
is
what
they
call
the
Odyssey
index,
which
is
a
it's
an
equity,
real
estate
fund
with
fairly
low
leverage,
so
there's
different
levels
of
Leverage
in
the
real
estate
fund.
Historically,
we've
had
two
real
estate
funds:
the
DWS
Reef
America
II,
which
is
a
core
fund.
That's
consistent
with
the
Benchmark
and
the
UBS
Trumbull
property
fund
that
I
referenced
earlier.
That
was
about
half
of
our
real
estate
and
they
were
in
a
in
a
Loan
Fund,
essentially
a
leveraged
Loan
Fund.
I
They
would
loan
up
to
95
percent
of
the
property
and
they
would
take
some
of
the
equity
upside.
The
challenge
has
been
as
all
these
Pro,
these
private
Capital
private
credit
funds
have
developed
that
they
just
haven't
been
able
generating
a
new
business
and
that's
why
we're
transitioning
away
from
them.
But
to
your
specific
question,
the
reason
we're
less
than
the
Benchmark
is
because
that's
not
an
Equity
Fund.
It's
a
Loan
Fund
and
therefore
has
lower
performance
and
that's
half
of
our
real
estate
performance
and
therefore
it's
more
conservative
and
has
lower
returns.
D
C
D
Okay,
Governor
the
regular
agenda.
The
only
item
here
is
Tab
four,
the
approval
of
the
elk
Hyde
Timber
sale
and
we'll
bring
up
Jeremy
shaver,
our
section
manager
for
Timber
sales
to
present
on
this
topic.
E
Thank
you
director,
good
morning,
governor
and
members
of
the
land
board
for
the
record.
My
name
is
Jeremy
shower
and,
like
Dustin
said,
I'm
the
land
section
manager
for
Timber
sales
and
contract
Administration
today
I'm
here
to
present
the
outside
Timber
sale.
For
your
consideration
based
upon
the
December
2015
landlord
meeting,
the
department
will
only
present
individual
sales
that
fall
outside
a
landlord
policy
for
approval
clear-cuts
exceeding
100
acres
is
one
of
those
instances.
E
The
elkhi
timber
sale,
submitted
by
the
Ponderosa
supervisory
area
is
a
part
of
the
fiscal
year
2023
sales
plan
that
was
approved
last
April.
The
sale
is
located
about
15
and
a
half
air
miles
east
of
dairy
Idaho.
As
seen
on
the
vicinity
map
as
attachment
3.
unit
2
89
acres
is
within
ideal
ownership
that
has
been
previously
managed.
E
Unit
1,
which
is
77
acres,
is
adjacent
to
Ideal
ownership
that
has
been
previously
managed
to
the
north
and
to
the
west
to
the
east
of
unit.
1
lies
a
strip
of
non-industrial
private
Timber.
You
can
see
the
orientation
of
the
units
and
assailant
on
the
sale
and
ownership
Maps
found
as
attachments
one
and
two.
The
proposed
clear
cut
Harvest
for
the
sale
consists
of
two
clear
cut
units.
The
units
are
connected
for
approximately
200
feet
along
a
secondary
Forest
Road,
resulting
in
166
Acres
of
clear-cut
harvesting.
The
unit
break
is
along
a
watershed.
E
Watershed
divide
where
unit
1
flows
South
into
Shadow,
Creek
and
unit
2
flows,
Northwest
into
sea
stem
Creek.
The
preferred
sterile
species
are
a
minor
component
of
the
stand
and
are
not
expected
to
produce
produce
enough
cones
and
seed
for
desired
natural
regeneration.
The
site
will
be
planted
with
a
mix
of
cereal
species
that
will
optimize
the
site's
potential.
The
adjacent
stands
have
been
successfully
planted
to
adequate
stocking
to
maximize
returns
to
the
beneficiaries.
E
The
sale
has
been
prepared
to
meet
or
exceed
the
forest
Practices
Act
the
proposed
clear-cut
Harvest
units
or
civical,
truly
and
economically
Justified,
and
were
approved
by
the
timber
management
Bureau.
As
seen
on
attachment
5..
This
sale
as
proposed
meets
the
objectives
of
the
Ponderosa
area,
forced
Asset
Management
plan,
and
with
that
I
would
be
happy
to
answer
any
questions.
The
board
may
have
questions.
A
C
D
Governor,
that's
all
we
have
on
the
agenda
for
the
day.
There's
nothing
on
the
information
governor.