S_FIN_2023A 01/26/2023 09:44:10 AM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGJOINT 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 hPresentation from Joint Budget Committee Committee Discussion Only hPresentation from PERA Committee Discussion Only hIntroduction 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 Attachment Tag File Name Attachment http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/5C77198B9626...$File/Attachment A.pdf?OpenElement Attachment A.pdf 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.