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H_FIN_2023A 01/26/2023 09:44:10 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
JOINT COMMITTEE COMMITTEE ON JOINT FINANCE
Date 01/26/2023
Attendance
deGruy Kennedy X
Daugherty X
Frizell X
Hartsook E
Joseph X
Kipp X
Kolker X
Lindstedt X
Marshall X
Priola X
Simpson X
Smallwood *
Taggart X
Van Winkle *
Weinberg X
Winter F. *
Mullica X
Snyder X
Time 09:44:10 AM to 12:05:00 PM
Place Old State Library
This Meeting was called to order by Snyder
This Report was prepared by Katie Ruedebusch
Hearing Items Action Taken
Presentation from Joint Budget Committee Committee Discussion Only
Presentation from PERA Committee Discussion Only
Introduction of LCS and OLLS Staff Committee Discussion Only

Presentation from Joint Budget Committee - Committee Discussion Only
09:44:38 AM  
The chair called the meeting to order and discussed the agenda.
09:44:56 AM  
Sen. Zenzinger, chair of the Joint Budget Committee, presented on the budget requests for several executive agencies under the purview of the House and Senate Finance Committee.
09:48:55 AM  
Representative Bird
discussed the FY 2023-24 budget request for the Office of State Planning
and Budgeting.
09:49:58 AM  
Rep. Bird continued by discussing the Department of Revenue's FY 2023-24 budget request.
10:04:22 AM  
Rep. Bird continued
by discussing the FY 2023-24 budget request for the Department of Treasury
10:10:22 AM  
Committee discussion
ensued on the Marijuana Tax Cash Fund and the Building Excellent Schools
Today (BEST) program.
10:15:47 AM  
Rep. Bird continued by discussing the Public Employees' Retirement Association (PERA).
10:30:38 AM  
Committee discussion continued with the JBC about PERA, compensation, and other aspects of the budget.



Presentation from PERA - Committee Discussion Only
10:33:30 AM  
Executive Director
Ron Baker and Chief Investment Officer/Chief Operating Officer Amy McGarrity
came to the table to update the committee on PERA. PERA's presentation
may be found in Attachment A.
10:34:02 AM  
Mr. Baker continued by discussing PERA's governance and reporting structure to the General Assembly.
10:49:49 AM  
Director Baker continued by discussing PERA's funded status and the automatic adjustment provision.
11:13:41 AM  
Discussion continued with PERA on employee vacancies, organizations leaving PERA and unfunded liability, and PERA's financial responsibility.
11:24:02 AM  
Director Baker continued by discussing 2022 and (potential) 2023 legislation concerning PERA.
11:40:49 AM  
Ms. McGarrity continued
by discussing PERA's investment portfolio.
11:51:30 AM  
Mr. Baker answered some committee questions about inflation.



Introduction of LCS and OLLS Staff - Committee Discussion Only
11:56:24 AM  
Mr. Jason Gelender,
Legislative Legal Services, and Mr. Greg Sobetski, Legislative Council
Staff, came to the table discuss the services they provide to the House
and Senate Finance Committees.


12:05:00 PM   The committee adjourned.






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