Legislature(2019 - 2020)SENATE FINANCE 532
04/30/2019 09:00 AM Senate FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| SB91 | |
| SB103 | |
| SB104 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | SB 91 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | SB 103 | TELECONFERENCED | |
| += | SB 104 | TELECONFERENCED | |
SENATE BILL NO. 103
"An Act relating to deposits into the dividend fund
and appropriations from the earnings reserve account;
and providing for an effective date."
10:26:25 AM
Co-Chair Stedman MOVED to ADOPT proposed committee
substitute for SB 103, Work Draft 31-LS0654\G (Nauman,
4/29/19).
Co-Chair von Imhof OBJECTED for discussion.
10:27:44 AM
JULI LUCKY, STAFF, SENATOR NATASHA VON IMHOF, discussed the
proposed CS and read from a summary of changes document
(copy on file):
Rewords the appropriation language to conform to
current practice. The POMV draw is appropriated from
the ERA to the general fund. The amount available for
appropriation from the general fund to the dividend
fund is calculated as 50% of the POMV draw [Page 2,
lines 25-27; conforming changes on p2, line 31; and
p3, lines 24- 25].
Clarifies the restriction on appropriating more from
the ERA than the allowable POMV draw (currently 5.25%,
reduced to 5% for FY22) [Page 3, lines 29-31;
conforming changes on p4, line 27].
Adds a July 1, 2020 effective date.
Technical corrections recommended by Legislative
Legal:
Removes an inapplicable reference [Page 3, lines 25-
26].
Removes the sections that made conforming changes to
the Mental Health Trust Fund statutes. These were
deemed unnecessary by legal since the net income
determination is remaining in statute [Previous sec. 6
& 7].
Ms. Lucky noted that in the previous version of the bill
Sections 37.13.145(e)and (f) had been repealed. She said
that it had been determined that only (f) needed to be
repealed, (e) needed to be rewritten. She said that
37.13.145(e) made the statement that the legislature could
not appropriate more from the earnings reserve account
(ERA)than was allowed under the POMV draw.
10:30:12 AM
Co-Chair von Imhof WITHDREW her objection.
Co-Chair von Imhof reminded that the bill was a 50-50 split
and a financial review of the impacts of that split had
been previously discussed. The bill replaced the current
statute for calculating the Permanent Fund Dividend. The
bill had an effective date of July 1, 2020. She noted that
the financial implications of the bill were a deficit of
approximately $800 million.
10:31:51 AM
AT EASE
10:33:48 AM
RECONVENED
Co-Chair von Imhof asked whether members had any amendments
to offer.
10:34:20 AM
AT EASE
10:35:03 AM
RECONVENED
Co-Chair Stedman reviewed a new fiscal note from the
Permanent Fund, OMB Component 2616. He directed attention
to the analysis on the second page and noted that one
column was in millions, while the other was in dollars.
10:36:10 AM
AT EASE
10:36:29 AM
RECONVENED
Co-Chair Stedman clarified that the fiscal note had been
updated.
Co-Chair Stedman MOVED to report CSSB 103(FIN) out of
Committee with individual recommendations and the
accompanying fiscal note.
Senator Wielechowski OBJECTED for discussion.
10:37:22 AM
Senator Wielechowski he thought if there was a change made
to the way that the permanent fund was calculated, and if
the statutory requirement that the corporation transfer
funds from the ERA to the dividend fund were removed, a
change should be made to the state constitution.
10:37:57 AM
Senator Wilson agreed with Senator Wielechowski.
10:38:23 AM
Senator Wielechowski MAINTAINED his objection.
A roll call vote was taken on the motion.
IN FAVOR: Wilson, Bishop, Hoffman, Stedman, von Imhof
OPPOSED: Wielechowski
The motion carried (5/1).
CSSB 103(FIN) was REPORTED out of committee with one "do
pass" recommendation, and four "amend" recommendations and
with one new indeterminate fiscal note from the Senate
Finance Committee for the Department of Revenue.
10:38:59 AM
AT EASE
10:42:00 AM
RECONVENED
Co-Chair von Imhof explained that the bill had been
thth
previously heard on April 10 and 29.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 91 Concerns.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 91 |
| SB 91 Sponsor Statement, Sectional and project update.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 91 |
| SB 91 letters of support.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 91 |
| Hydro presentation 3-18_cw_3_25_18.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 91 |
| SB 103 Work Draft Version G.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 103 |
| SB 103 Explanation of Changes SB 103 (FIN).pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 103 |
| SB 104 Work Draft Version K.pdf |
SFIN 4/30/2019 9:00:00 AM SFIN 2/4/2020 9:00:00 AM |
SB 104 |
| SB 104 Explaination of Changes version K.pdf |
SFIN 4/30/2019 9:00:00 AM SFIN 2/4/2020 9:00:00 AM |
SB 104 |
| SB 104 Unrestricted General Fund Spreadsheet.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 104 |
| SB 103 Support Letters.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 103 |
| SB 104 Support Letter.pdf |
SFIN 4/30/2019 9:00:00 AM |
SB 104 |