H_FIN_2018A 01/24/2018 09:50:33 AM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGHOUSE COMMITTEE ON FINANCE Date 01/24/2018 Attendance Beckman X Benavidez X Covarrubias X Gray X Herod X Kennedy X Lawrence X Michaelson Jenet X Sandridge X Thurlow X Van Winkle X Foote X Pabon X Time 09:50:33 AM to 11:26:35 AM Place LSB A This Meeting was called to order by Pabon This Report was prepared by Kori Donaldson Hearing Items Action Taken hHB18-1035 Postponed Indefinitely 09:51:03 AM The committee was called to order A quorum was present. HB18-1035 - Postponed Indefinitely Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2018A/commsumm.nsf/0/3FB02B042B76...$File/18HouseFin0124AttachB.pdf?OpenElement 18HouseFin0124AttachB.pdf Attachment A http://www2.leg.state.co.us/CLICS/CLICS2018A/commsumm.nsf/0/748EB9D22D22...$File/18HouseFin0124AttachA.pdf?OpenElement 18HouseFin0124AttachA.pdf Attachment D http://www2.leg.state.co.us/CLICS/CLICS2018A/commsumm.nsf/0/D89EDE11B0CA...$File/18HouseFin0124AttachD.pdf?OpenElement 18HouseFin0124AttachD.pdf Attachment C http://www2.leg.state.co.us/CLICS/CLICS2018A/commsumm.nsf/0/F2EB9C48DB91...$File/18HouseFin0124AttachC.pdf?OpenElement 18HouseFin0124AttachC.pdf 09:51:23 AM Representative Lebsock, prime sponsor, presented House Bill 18-1035, which increases the General Fund statutory reserve requirement a half percent a year from 6.5 percent in the current fiscal year to 8.0 percent by FY 2020-21. 10:03:15 AM Representative Lebsock responded to questions from the committee. He distributed and explained amendments L.002, L.003, and L.004 [Attachments A, B, and C, respectively]. Committee discussion ensued on the bill and the amendments. 10:20:07 AM Representative Lebsock continued to address committee questions. 10:29:36 AM Ms. Melissa Martin, representing herself as an educator and as a parent of a child with special needs, testified from a neutral position on the bill. Representative Lebsock responded to a concern raised by Ms. Martin. 10:37:56 AM The committee discussed amendment L.003 [Attachment A]. 10:37:56 AM The committee discussed amendment L.003 [Attachment B]. 10:43:16 AM Motion Adopt amendment L.003 [Attachment B]. Moved Benavidez Seconded Pabon Beckman Yes Benavidez Yes Covarrubias Yes Gray No Herod No Kennedy No Lawrence Yes Michaelson Jenet No Sandridge No Thurlow Yes Van Winkle Yes Foote Yes Pabon Yes YES: 8 NO: 5 EXC: 0 ABS: 0 FINAL ACTION: PASS 10:45:29 AM Representative Beckman explained amendment L.006 [Attachment D]. 10:49:30 AM The committee discussed whether amendment L.006 fits under the title of the bill. The chair ruled that the amendment does fit under the title of the bill. 10:52:03 AM Committee discussion continued on amendment L.006, the TABOR reserve, and a statutory General Fund reserve. Mr. Ed DeCecco, Office of Legislative Legal Services, discussed the assets that make up the TABOR reserve and how the TABOR reserve can be spent in the event of an emergency. Mr. DeCecco also responded to questions about the statutory General Fund reserve. He explained that the General Fund reserve is a cash reserve and does not include any physical assets. Discussion continued on the restrictions associated with the use of both reserves. 11:03:38 AM Mr. Greg Sobetski, Legislative Council Staff, came to the table to address questions about how the two reserves are calculated. Mr. Sobetski and Mr. DeCecco continued to address committee questions about the TABOR reserve and the statutory General Fund reserve. Discussion also continued on amendment L.006. Ms. Kori Donaldson, Legislative Council Staff, also provided input on the use of TABOR emergency reserve. 11:18:57 AM Motion Adopt amendment L.006 [Attachment D]. Moved Beckman Seconded Van Winkle Beckman Yes Benavidez No Covarrubias Yes Gray No Herod No Kennedy No Lawrence No Michaelson Jenet Excused Sandridge No Thurlow No Van Winkle Yes Foote No Pabon No YES: 3 NO: 9 EXC: 1 ABS: 0 FINAL ACTION: FAIL 11:18:58 AM Representative Lebsock made some closing remarks on the bill. 11:23:34 AM Motion Refer House Bill 18-1035, as amended, to the Committee on Appropriations. Moved Benavidez Seconded Pabon Beckman No Benavidez Yes Covarrubias No Gray No Herod No Kennedy No Lawrence Yes Michaelson Jenet No Sandridge No Thurlow Yes Van Winkle No Foote No Pabon Yes YES: 4 NO: 9 EXC: 0 ABS: 0 FINAL ACTION: FAIL 11:25:59 AM Motion Postpone HB 18-1035 using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. Moved Kennedy Seconded Foote Beckman Yes Benavidez No Covarrubias Yes Gray Yes Herod Yes Kennedy Yes Lawrence No Michaelson Jenet Yes Sandridge Yes Thurlow No Van Winkle Yes Foote Yes Pabon No YES: 9 NO: 4 EXC: 0 ABS: 0 FINAL ACTION: PASS 11:26:35 AM Committee Adjourned