S_FIN_2016A 04/12/2016 02:01:04 PM Committee Summary
Final
STAFF SUMMARY OF MEETING
SENATE COMMITTEE ON FINANCE
| Date: | 04/12/2016 |
ATTENDANCE
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| Time: | 02:01 PM to 02:22 PM |
Holbert
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X
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Johnston
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X
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| Place: | LSB B |
Kerr
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X
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Hill
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X
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| This Meeting was called to order by |
Neville T.
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X
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| Senator Neville T. | |||
| This Report was prepared by | |||
| Kori Donaldson | |||
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X = Present, E = Excused, A = Absent, * = Present after roll call
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| Bills Addressed: | Action Taken: | ||
| Conf 16-Lottery Commission — Colorado SB16-035 |
Favorably Refer to Full Senate - Consent Amended, Referred to Appropriations |
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02:01 PM -- Colorado Lottery Commission Confirmation Hearing
Ms. Laura Solano, Director of the Colorado Lottery, introduced Ms. Stella Peterson, appointee to the Colorado Lottery Commission. Ms. Peterson described her background. Ms. Peterson's appointment letter may be found in Attachment A. Her application and resume is available at the State Archives. Ms. Solano addressed a question from the committee about other recent appointments and changes to the membership of the Colorado Lottery Commission. Ms. Peterson addressed a question from the committee about her interest in serving on the commission.
16SenateFin0412AttachA.pdf
| BILL: | Conf 16-Lottery Commission — Colorado | |
| TIME: | 02:04:28 PM | |
| MOVED: | Hill | |
| MOTION: | Refer the appointment of Stella Peterson to the Colorado Lottery Commission to the full Senate with a favorable recommendation and a recommendation that it be placed on the consent calendar. The motion passed on a vote of 5-0. | |
| SECONDED: | ||
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VOTE
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Holbert
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Yes
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Johnston
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Yes
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Kerr
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Yes
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Hill
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Yes
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Neville T.
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Yes
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Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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02:05 PM -- SB16-035
Senator Johnston, prime sponsor, presented Senate Bill 16-035. The bill, as amended by the Senate State, Veterans, and Military Affairs Committee, creates the Public School Fund Investment Board (board) to oversee investment of the Public School Fund (or Permanent Fund) and broadens the allowable investment options for the fund. The board is charged with establishing policies concerning allowable investments of the fund and the distribution of income and interest earnings. The bill allows the board to hire a private fund manager to advise it about fund investments. Senator Johnston distributed and explained Amendments L.009 and L.010 (Attachments B and C, respectively).
16SenateFin0412AttachB.pdf 16SenateFin0412AttachC.pdf
02:11 PM -- Ms Kori Donaldson, Legislative Council Staff, addressed a question about the bill's prepared fiscal note.
02:11 PM -- Mr. Bill Ryan, representing the State Land Board, testified in support of the bill. Mr. Ryan addressed questions from the committee about the anticipated cost of hiring a private fund manager. Senator Johnston also commented on the anticipated cost of hiring a private fund manager. Mr. Ryan continued to address questions from the committee.
02:17 PM -- Treasurer Walker Stapleton testified in support of the bill.
| BILL: | SB16-035 | |
| TIME: | 02:19:38 PM | |
| MOVED: | Johnston | |
| MOTION: | Adopt Amendment L.009 (Attachment B). The motion passed without objection. | |
| SECONDED: | ||
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VOTE
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Holbert
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Johnston
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Kerr
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Hill
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Neville T.
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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| BILL: | SB16-035j | |
| TIME: | 02:20:09 PM | |
| MOVED: | ||
| MOTION: | Adopt Amendment L.010 (Attachment C). The motion passed without objection. | |
| SECONDED: | ||
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VOTE
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Holbert
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Johnston
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Kerr
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Hill
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Neville T.
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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02:20 PM
Members of the committee commented on the merits of the bill.
| BILL: | SB16-035 | |
| TIME: | 02:21:01 PM | |
| MOVED: | Johnston | |
| MOTION: | Refer Senate Bill 16-035, as amended, to the Committee on Appropriations. The motion passed on a vote of 5-0. | |
| SECONDED: | ||
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VOTE
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Holbert
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Yes
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Johnston
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Yes
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Kerr
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Yes
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Hill
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Yes
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Neville T.
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Yes
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Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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02:22 PM
The committee adjourned.