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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
Time: 02:01 PM to 02:22 PM
Holbert
X
Johnston
X
Place: LSB B
Kerr
X
Hill
X
This Meeting was called to order by
Neville T.
X
Senator Neville T.
This Report was prepared by
Kori Donaldson
X = Present, E = Excused, A = Absent, * = Present after roll call
Bills Addressed: Action Taken:
Conf 16-Lottery Commission — Colorado

SB16-035
Favorably Refer to Full Senate - Consent

Amended, Referred to Appropriations





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.pdf16SenateFin0412AttachA.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:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
Yes
Hill
Yes
Neville T.
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS





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.pdf16SenateFin0412AttachB.pdf 16SenateFin0412AttachC.pdf16SenateFin0412AttachC.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:
VOTE
Holbert
Johnston
Kerr
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL: SB16-035j
TIME: 02:20:09 PM
MOVED:
MOTION: Adopt Amendment L.010 (Attachment C). The motion passed without objection.
SECONDED:
VOTE
Holbert
Johnston
Kerr
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection











































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:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
Yes
Hill
Yes
Neville T.
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS





02:22 PM



The committee adjourned.


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