Investment Council's Budget
By Jackelyn Severin
Governor Dennis Daugaard is disappointed with the South Dakota Investment Council. The council presented their budget to the appropriations committee Thursday. Daugaard says the budget they proposed was not the one he discussed with State Investment Officer Matt Clark.
Daugaard says "We agreed he would propose cutting his own salary and the salaries of some of his top personnel. We also agreed there would be a reduction in the proposed increase to his lower paid professionals and again I want to stress this, it was not a cut to their salary but a reduction of the proposed increase to their lower paid professionals. And that they would also reduce some contractual services."
Matt Clark says this is an unfortunate misunderstanding between him and the Governor. He says he is more than willing to take a pay cut but his younger and lower paid staff should not have to sacrifice their salaries. Clark says the Investment Council needs to remain competitive in order to attract high quality employees and retain them for the future. He says younger workers may leave for higher paying jobs in private investment companies if there are further salary reductions.
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