MISSION:
To professionally manage the South Dakota Retirement System and South Dakota Cement Plant Retirement Fund portfolios in order to obtain long-term maximum total returns consistent with prudent risk; to professionally manage the state's cash flow fund in order to obtain long-term maximum total returns consistent with the liquidity needs of the fund, the legal list and prudent risk; to professionally manage the investment portfolio of the School and Public Lands Fund to obtain the highest risk adjusted return over the long term to offset inflation and provide income on a yearly basis to South Dakota's school districts; to professionally manage the Dakota Cement Trust in a balanced manner, with emphasis on providing the minimum $12 million per year distribution to the general fund, while attempting to build the principal of the fund and, therefore, potential additional distributions from the fund over the long term; to professionally manage the Health Care Trust Fund and the Education Enhancement Trust Fund to obtain a satisfactory rate of return within a quite constrained risk framework with the long term goal to provide a 4% annual distribution to the general fund and to attempt to grow the funds over time so that the 4% distribution can represent a larger payout in the future; to oversee the Higher Education Savings Plan per SDCL 13-63-1 to 13-63-31 by establishing the program and monitoring the selected program manager, PA Distributors; and, to comply with the requirements of SDCL 4-5-12 to 4-5-39, "Investment of State Funds Law".

	ACTUAL FY 2003	ACTUAL FY 2004	BUDGETED FY 2005	REQUESTED FY 2006	GOVERNOR'S RECOMMENDED FY 2006	RECOMMENDED INC/(DEC) FY 2006
FUNDING SOURCE:
General Funds	$0	$0	$0	$0	$0	$0
Federal Funds	0	0	0	0	0	0
Other Funds	3,598,960	4,187,443	5,621,399	5,974,869	5,974,869	353,470
Total	$3,598,960	$4,187,443	$5,621,399	$5,974,869	$5,974,869	$353,470
EXPENDITURE DETAIL:
Personal Services	$2,665,941	$2,990,679	$4,238,297	$4,548,293	$4,548,293	$309,996
Operating Expenses	933,019	1,196,763	1,383,102	1,426,576	1,426,576	43,474
Total	$3,598,960	$4,187,443	$5,621,399	$5,974,869	$5,974,869	$353,470
Staffing Level FTE:	19.2	23.2	26.0	26.0	26.0	0.0

	ACTUAL FY 2003	ACTUAL FY 2004	ESTIMATED FY 2005	ESTIMATED FY 2006
REVENUES:
Investment Management Fees:	$0	$0	$0	$0
Retirement System (SDRS)	2,652,447	3,303,537	3,297,868	4,538,369
Cement Plant	18,193	22,036	23,023	31,666
Cash Flow Fund (CFF)	432,154	504,868	492,496	677,529
School and Public Lands (S&PL)	79,346	103,140	92,166	126,663
Dakota Cement Trust (DCT)	131,275	174,912	155,733	214,491
Education Enhancement Trust (EET)	0	208,503	225,482	310,086
Health Care Trust (HCT)	0	57,619	55,039	75,879
Total	$3,313,415	$4,374,615	$4,341,807	$5,974,683
PERFORMANCE INDICATORS:
SDRS Year-End Assets (Millions)	$4,767	$5,486
SDRS Investment Income (Millions)	$222	$786
SDRS Total Fund Return	5.0%	16.6%
SDRS Capital Market Benchmark	5.4%	15.5%
SDRS Russell/Mellon Corp Universe	3.1%	16.9%
CFF Average Amount Invested (Millions)	$665.2	$807.3
CFF Investment Income (Millions)	$29.9	$23.4
CFF Average Yield/Benchmark Yield	4.22%/1.38%	2.98%/0.96%
S&PL Yr-End Assets/Invest Income (Millions)	$140.2/$10.6	$146.7/$10.0
S&PL Total Fund Return/Benchmark Return	8.1%/9.6%	7.1%/8.8%
DCT Yr-End Assets/Invest Income (Millions)	$234.3/$16.5	$240.7/$18.5
DCT Total Fund Return/Benchmark Return	7.2%/8.6%	8.0%/8.7%
EET Yr-End Assets/Invest Income (Millions)	$353.4/$28.0	$361.8/$22.4
EET Total Fund Return/Benchmark Return	6.7%/9.4%	6.7%/9.0%
HCT Yr End Assets/Invest Income (Millions)	$85.7/$6.5	$88.9/$6.1
HCT Total Fund Return/Benchmark Return	8.1%/9.9%	7.4%/9.0%

generated 12/06/04 04:09:17 PM