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DBD3CEC6DE16A0EC8725821F005C9766 Hearing Summary




PUBLIC
BILL SUMMARY For HB18-1035

HOUSE COMMITTEE ON FINANCE
Date Jan 24, 2018      
Location LSB A



HB18-1035 - Postponed Indefinitely

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






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