Legislature(2021 - 2022)SENATE FINANCE 532

09/14/2021 09:00 AM FINANCE

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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
-- Recessed to a Call of the Chair --
-- Delayed to a Call of the Chair --
+= HB3003 APPROP: OPERATING; PERM FUND; EDUCATION TELECONFERENCED
Moved CSHB3003(FIN)AM(BRFSUPMAJFLD) Out of Cmte
+= SB 53 PERM FUND; ADVISORY VOTE TELECONFERENCED
Moved CSSB 53(FIN) Out of Committee
+ Bills Previously Heard/Scheduled TELECONFERENCED
                 SENATE FINANCE COMMITTEE                                                                                       
                    September 14, 2021                                                                                          
                        11:22 a.m.                                                                                              
                   Third Special Session                                                                                        
                                                                                                                                
                                                                                                                                
11:22:52 AM                                                                                                                   
                                                                                                                                
CALL TO ORDER                                                                                                                 
                                                                                                                                
Co-Chair Stedman called the Senate Finance Committee                                                                            
meeting to order at 11:22 a.m.                                                                                                  
                                                                                                                                
MEMBERS PRESENT                                                                                                               
                                                                                                                                
Senator Click Bishop, Co-Chair                                                                                                  
Senator Bert Stedman, Co-Chair                                                                                                  
Senator Lyman Hoffman                                                                                                           
Senator Donny Olson                                                                                                             
Senator Natasha von Imhof                                                                                                       
Senator Bill Wielechowski (via teleconference)                                                                                  
Senator David Wilson                                                                                                            
                                                                                                                                
MEMBERS ABSENT                                                                                                                
                                                                                                                                
None                                                                                                                            
                                                                                                                                
SUMMARY                                                                                                                       
                                                                                                                                
SB 53     PERM FUND; ADVISORY VOTE                                                                                              
                                                                                                                                
          SB 53 was REPORTED out of committee with "no                                                                          
          recommendation" and with one new fiscal note from                                                                     
          the Department of Revenue.                                                                                            
                                                                                                                                
HB 3003   APPROP: OPERATING; PERM FUND; EDUCATION                                                                               
                                                                                                                                
          CSHB 3003(FIN) am(brf sup maj fld) was REPORTED                                                                       
          out of committee with a "do pass" recommendation.                                                                     
                                                                                                                                
CS FOR HOUSE BILL NO. 3003(FIN) am(brf sup maj fld)                                                                           
                                                                                                                                
     "An  Act making  appropriations for  the operating  and                                                                    
     loan  program  expenses  of state  government  and  for                                                                    
     certain  programs; capitalizing  funds; making  capital                                                                    
     appropriations  and  supplemental  appropriations;  and                                                                    
     providing for an effective date."                                                                                          
                                                                                                                                
11:23:53 AM                                                                                                                   
                                                                                                                                
Senator Wilson  MOVED to  ADOPT Amendment  1 32-GH3353\B.A.1                                                                    
(copy on file).                                                                                                                 
                                                                                                                                
Co-Chair Stedman OBJECTED for discussion.                                                                                       
                                                                                                                                
Senator  Wilson discussed  the amendment.  He  felt that  it                                                                    
would be of greater benefit  to discuss the amendment on the                                                                    
floor of the Senate. Therefore, he WITHDREW Amendment 1.                                                                        
                                                                                                                                
Senator Wielechowski WITHDREW Amendment 2.                                                                                      
                                                                                                                                
Co-Chair  Stedman thanked  Senator Wielechowski  for staying                                                                    
online.                                                                                                                         
                                                                                                                                
Senator Wielechowski WITHDREW Amendment 3.                                                                                      
                                                                                                                                
Co-Chair Bishop  MOVED to REPORT  CSHB 3003(FIN)  am(brf sup                                                                    
maj fld) out of committee with individual recommendations.                                                                      
                                                                                                                                
There being NO OBJECTION, it was so ordered.                                                                                    
                                                                                                                                
CSHB  3003(FIN) am(brf  sup  maj fld)  was  REPORTED out  of                                                                    
committee with a "do pass" recommendation.                                                                                      
                                                                                                                                
11:26:26 AM                                                                                                                   
RECESSED                                                                                                                        
                                                                                                                                
11:43:22 AM                                                                                                                   
RECONVENED                                                                                                                      
                                                                                                                                
SENATE BILL NO. 53                                                                                                            
                                                                                                                                
     "An  Act  relating  to  use of  income  of  the  Alaska                                                                    
     permanent  fund;   relating  to   the  amount   of  the                                                                    
     permanent fund dividend; relating  to the duties of the                                                                    
     commissioner of  revenue; relating to an  advisory vote                                                                    
     on the permanent fund; providing  for an effective date                                                                    
     by repealing the effective date  of sec. 8, ch. 16, SLA                                                                    
     2018; and providing for an effective date."                                                                                
                                                                                                                                
11:43:46 AM                                                                                                                   
                                                                                                                                
Senator  Wilson MOVED  to ADOPT  Amendment 1,  32-GS1693\W.2                                                                    
(Wallace/Nauman, 9/12/21) (copy on file).                                                                                       
                                                                                                                                
Co-Chair Bishop OBJECTED for discussion.                                                                                        
                                                                                                                                
Senator Wilson  discussed the amendment. He  stated that the                                                                    
amendment would  change the  FY 22  payout of  the permanent                                                                    
fund  dividend (PFD)  from $1100  to roughly  a "fifty-fifty                                                                    
PFD  for  Alaskans."  The  hope  was  to  provide  a  better                                                                    
estimate.  He referred  to some  modeling  that showed  some                                                                    
negligible   changes.  He   felt  that   the  payments   for                                                                    
consulting was much greater  that the preliminary estimates.                                                                    
He  felt that  experts were  doing a  good job  managing the                                                                    
funds. He  hoped that there  would not  be a repeat  of poor                                                                    
fund management.  He remarked that  there would be  too much                                                                    
time  for legal  to deal  with any  committee action,  so he                                                                    
WITHDREW the AMENDMENT.                                                                                                         
                                                                                                                                
Senator Hoffman  discussed the fiscal  note. He  stated that                                                                    
note to  fund the dividend  for the current fiscal  year was                                                                    
in HB  3003. He remarked that  there was no funding  for the                                                                    
dividend in the fiscal note  for the current year. He shared                                                                    
the dividend amounts for the upcoming years.                                                                                    
                                                                                                                                
Co-Chair Stedman expressed some concerns with the bill.                                                                         
                                                                                                                                
Senator Wilson stated  that it was difficult  to support the                                                                    
current version of the bill.                                                                                                    
                                                                                                                                
Co-Chair  Bishop  remarked that  there  was  an attempt  for                                                                    
fiscal certainty, but understood the concerns.                                                                                  
                                                                                                                                
Senator  Hoffman  MOVED  to  REPORT   CSSB  53(FIN)  out  of                                                                    
committee  with  individual   recommendations  and  attached                                                                    
fiscal note. There being NO OBJECTION, it was so ordered.                                                                       
                                                                                                                                
CSSB  53(FIN)   was  REPORTED  out  of   committee  with  no                                                                    
recommendation  and  with  one  new  fiscal  note  from  the                                                                    
Department of Revenue.                                                                                                          
                                                                                                                                
11:52:09 AM                                                                                                                   
RECESSED                                                                                                                        
                                                                                                                                
ADJOURNMENT                                                                                                                   
4:22:54 PM                                                                                                                    
                                                                                                                                
The meeting was adjourned at 4:22 p.m.                                                                                          
                                                                                                                                
                                                                                                                                

Document Name Date/Time Subjects
SB 53 Public Testimony Packet 2.pdf SFIN 9/14/2021 9:00:00 AM
SB 53
LFD Response to 9-11-21 SFIN Hearing_20110913.pdf SFIN 9/14/2021 9:00:00 AM
SB 53
HB 3003 Amendment Packet.pdf SFIN 9/14/2021 9:00:00 AM
HB3003
SB 53 Amendment 1 Wilson.pdf SFIN 9/14/2021 9:00:00 AM
SB 53