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S_FIN_2025A 01/10/2025 11:05:53 AM Committee Summary

PUBLIC
STAFF SUMMARY OF MEETING
JOINT COMMITTEE COMMITTEE ON JOINT FINANCE
Date 01/10/2025
Attendance
Bright X
Brooks X
Camacho X
DeGraaf X
Frizell *
Garcia X
Gonzales J. X
Gonzalez R. X
Hartsook X
Joseph *
Kolker X
Marchman X
Marshall X
Mullica *
Simpson X
Snyder *
Stewart R. X
Titone X
Weinberg *
Zokaie X
Kipp X
Lindstedt X
Time 11:05:53 AM to 03:13:22 PM
Place Old State Library
This Meeting was called to order by Lindstedt
This Report was prepared by Jessika Shipley
Hearing Items Action Taken
Office of the State Auditor Committee Discussion Only
Office of State Planning and Budgeting Committee Discussion Only
Department of Treasury Committee Discussion Only
PERA Committee Discussion Only
Department of Revenue Committee Discussion Only
Public Testimony Witness Testimony Only

Office of the State Auditor - Committee Discussion Only
11:07:37 AM  
Marisa Edwards, Deputy State Auditor, and Maya Rosachacova, Audit Manager, presented to the committee on audit recommendations not fully implemented (Attachment A). They responded to questions from the committee.
11:18:36 AM  
Members of the committee continued to question the auditors.



Office of State Planning and Budgeting - Committee Discussion Only
11:20:09 AM  
Executive Director Mark Ferrandino provided an update about the Governor's Office of State Planning and Budgeting. He spoke about the function of the office. He responded to questions from the committee.
11:27:39 AM  
Director Ferrandino continued to respond to questions from the committee.



Department of Treasury - Committee Discussion Only
11:42:02 AM  
Colorado State Treasurer
Dave Young introduced himself and presented about the Department of Treasury.
 His slide deck is included as Attachment B.
11:48:40 AM  
Treasurer Young spoke
about the department's wildly important goals in the areas of accounting,
debt management, property tax, secure savings, and unclaimed property.
12:05:11 PM  
Treasurer Young discussed
the department's base budget and current budget requests for FY 2025-26
(Attachment C). He also spoke about the department's legislative and regulatory
agendas.
12:13:00 PM  
Treasurer Young responded to questions from the committee.
12:23:47 PM  
The committee continued to ask Treasurer Young questions.
12:43:52 PM  
Discussion continued with Treasurer Young.



PERA - Committee Discussion Only
01:00:07 PM  
Andrew Roth, Executive
Director, Amy McGarrity, Chief Investment Officer and Chief Operating Officer,
and Michael Steppat, Director of Public and Government Affairs, came to
the table to discuss the Colorado Public Employees' Retirement Association
(PERA).  Their slide deck is included as Attachment D.
01:05:34 PM  
Ms. McGarrity discussed PERA's investment program.
01:17:19 PM  
Director Roth continued the presentation with a snapshot of the PERA governance reporting timeline and discussed various legislative updates that affect PERA.
01:20:47 PM  
Mr. Steppat expanded on PERA's legislative agenda for 2025.
01:25:06 PM  
The PERA representatives responded to committee questions.
01:40:43 PM  
The committee continued to ask questions of the PERA panel.
01:56:06 PM  
The PERA panel continued to respond to committee questions.



Department of Revenue - Committee Discussion Only
02:13:55 PM  
Executive Director
Heidi Humphreys, Deputy Executive Meghan Tanis, and Director of Legislative
Affairs Jimmy Reed came to the table to present about the Colorado Department
of Revenue (DOR).  Their slide deck is included as Attachment E.
02:20:15 PM  
Ms. Tanis went over DOR's wildly important goals and spoke about their performance management approach.
02:24:49 PM  
Director Humphreys turned the discussion to highlights of DOR's performance in 2024.
02:34:57 PM  
Ms. Tanis provided operational updates and Director Humphreys covered the department's budget and the legislative and regulatory agendas for the coming year.
02:40:01 PM  
The DOR panelists responded to questions from the committee.



Public Testimony - Witness Testimony Only
02:58:52 PM  
Mr. James Lipscomb, representing himself, testified about PERA.
03:04:31 PM  
Jason Bailey, representing himself, testified about government debt.
03:07:45 PM  
Mr. Jimmy Smrz, representing himself, testified about Colorado's natural medicine program.
.


03:13:22 PM   The committee adjourned.






The effective date for bills enacted without a safety clause is August 6, 2025, if the General Assembly adjourns sine die on May 7, 2025 (unless otherwise specified). Details

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