Legislature(2021 - 2022)SENATE FINANCE 532
04/19/2022 01:00 PM Senate FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| HB281 || HB282 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 162 | TELECONFERENCED | |
| += | SB 163 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| *+ | HB 281 | TELECONFERENCED | |
| *+ | HB 282 | TELECONFERENCED | |
SENATE FINANCE COMMITTEE
April 19, 2022
1:50 p.m.
1:50:54 PM
CALL TO ORDER
Co-Chair Stedman called the Senate Finance Committee
meeting to order at 1:50 p.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
Senator David Wilson
MEMBERS ABSENT
None
ALSO PRESENT
Pete Ecklund, Staff, Senator Bert Stedman; Amanda Ryder,
Staff, Senator Bert Stedman; Alexei Painter, Director,
Legislative Finance Division;
PRESENT VIA TELECONFERENCE
SUMMARY
SB 162 APPROP: OPERATING BUDGET/LOANS/FUNDS
SB 162 was SCHEDULED but not HEARD.
SB 163 APPROP: MENTAL HEALTH BUDGET
SB 163 was SCHEDULED but not HEARD.
CSHB 281(FIN) am(brf sup maj fld)(efd fld)
APPROP: OPERATING BUDGET/LOANS/FUNDS
CSHB 281(FIN) am(brf sup maj fld)(efd fld) was
HEARD and HELD in committee for further
consideration.
CSHB 282(FIN) APPROP: MENTAL HEALTH BUDGET
CSHB 282(FIN) was HEARD and HELD in committee for
further consideration.
CS FOR HOUSE BILL NO. 281(FIN) am(brf sup maj fld)(efd fld)
"An Act making appropriations for the operating and
loan program expenses of state government and for
certain programs; capitalizing funds; amending
appropriations; and making capital appropriations,
supplemental appropriations, and reappropriations."
CS FOR HOUSE BILL NO. 282(FIN)
"An Act making appropriations for the operating and
capital expenses of the state's integrated
comprehensive mental health program; and providing for
an effective date."
1:51:28 PM
Co-Chair Bishop MOVED to ADOPT the committee substitute for
CSHB 281(FIN) am(brf sup maj fld)(efd fld), Work Draft 32-
GH2686\L (Marx, 4/19/22).
Co-Chair Stedman OBJECTED for discussion.
1:52:02 PM
PETE ECKLUND, STAFF, SENATOR BERT STEDMAN, read from a
prepared statement:
Mr. Chairman, the desire of the two Senate Finance co-
chairs is to put away at least $4 billion in liquid
savings from our projected windfall revenue, after all
operating and capital appropriations are made in both
FY22 and FY23.
The Director of Legislative Finance, Alexei Painter,
will have a short presentation after the adoption of
this CS that explains our fiscal picture with our
projected revenue, with CS2 operating budget spending
and what our savings could be under different
assumptions for both capital budget and dividend
spending.
A couple of significant changes in this proposed
Committee Substitute that affect liquid savings are:
FY23 Forward funding of K-12 with revenue below $100 a
barrel
Using $486 million of American Rescue Plan Act (ARPA)
funding as revenue replacement (rather than increased
spending)
Mr. Chairman, having at least $4 billion in liquid
savings is very important for fiscal stability, in
light of the volatility of oil revenue and the
volatility of our recent revenue forecasts.
A new concept that is proposed in this CS is intended
to strengthen fiscal discipline. Included in this CS
is language that would take any windfall revenue above
$100 a barrel and appropriate it to the corpus of the
Permanent Fund.
If the latest revenue forecast proves to be accurate
and oil averages $101 a barrel in FY23, $101 million
would be deposited into the corpus of the Permanent
Fund
Mr. Chairman, you've proposed using some of our
windfall revenue to rebuild the state's liquid savings
to at least $4 billion, this Committee Substitute also
proposes to share some of the state's windfall with
communities so they can replenish savings also.
$220.9 million to communities for school bond debt
reimbursement that was either vetoed or short-funded
the past few years.
As you've stated before Mr. Chairman, communities can
choose to use this revenue to either replenish
savings, keep local taxes from increasing or possibly
even giving local taxpayers a break. How they choose
to use the money intended to fill in the back pay for
school bond debt reimbursement is up to them.
As the Rural Education Attendance Areas (REAA) schools
are linked to school bond debt reimbursement in
statute, this CS has $83.4 million in back pay due to
the REAA fund because of past vetoes and short-funding
from FY17 to FY22
Mr. Chairman that takes care of some of the big
picture items addressed in the Committee Substitute,
Mrs. Ryder and Mr. Painter will go into more detail
next.
1:57:14 PM
Senator Olson queried in which fund the $4 billion would be
placed.
1:57:26 PM
Mr. Ecklund replied that the liquid savings could go into
the SBR, K-12 Forward Funding, replenishment of the Higher
Education Fund, and deposits into the CBR.
1:58:07 PM
Senator Olson understood that the specific destination for
the $ billion was unspecified.
1:58:10 PM
Co-Chair Stedman replied that it was in flux to be decided
at the table.
1:58:25 PM
AMANDA RYDER, STAFF, SENATOR BERT STEDMAN, explained that
she would walk through the document, DIFFERENCES BETWEEN
SB162(FIN) VERSION W (AKA CS1) and SEN CS FOR HB281 VERSION
L (AKA CS 2 (copy on file). She noted that the bills under
discussion included the Mental Health Budget. She spoke to
the bill funding summary, which showed a total of $11.9
billion spent for FY23, Operating and Capital. She said
that the FY23 Capital Items in the bill totaled $7,550.0
UGF. She added that Supplemental Operating and Capital
totaled $737,648.1.
2:00:44 PM
Co-Chair Stedman stressed that the budget under discussion
was not the Capital Budget.
2:01:09 PM
Ms. Ryder spoke to the document titled, "Differences
Between SB 162(FIN) Version W (AKA CS 1) and Sen CS for HB
281 Version L (AKA CS 2)" (copy on file):
1. Incorporated Governor's 4/14 bargaining unit
agreement amendments for Alaska Vocational Technical
Center Teachers' Association (AVTECTA) and the General
Government Unit (GGU).
o Total $24.8 million ($10.2 million UGF).
o These amounts include some minor technical fund
changes identified by the Legislative Finance
Division.
Notes: GGU members make up about half of all
state employees.
o FY23 increase: 3 percent increase + $12.50
increase for health insurance
o FY24: 2.5 percent increase + $6 increase for
health insurance
o FY25: Max of 5 percent based on Anc CPI in CY
2022 + $6 increase for health insurance
Notes: AVTCTA BU Agreement
o FY23 increase: 4 percent increase
o FY24 and FY25: 2.5 percent increase each year
2. Administration/Retirement and Benefits: Added
Governor's request for $75.0 FICA funding to provide
guidance, outreach and education regarding the SS
program.
3. Commerce
o Alaska Seafood Marketing Institute.
Funding
BILL FUNDING SUMMARY
? Added $5 million UGF to assist with weathering
volatile revenues given uncertain federal receipts.
o Community and Regional Affairs. Added $4.3
million UGF to support a grant to the Food Bank
of Alaska for a pilot produce box program.
4. Corrections/Anchorage Correctional Complex
o Added wordage allowing FY22 federal receipts
from manday billings to be carried forward into
FY23. This wordage replaces a language section
that was removed in the last CS and was
inadvertently left out of the numbers section.
2:03:26 PM
Co-Chair Stedman queried the definition of ARPA.
2:03:28 PM
Ms. Ryder replied that ARPA stood for the American Rescue
Plan Act.
2:03:43 PM
Co-Chair Stedman stated that it was a federal fund source
that provided Covid-19 relief funds.
2:04:03 PM
Co-Chair Bishop noted that the committee had chosen not to
spend the $1 billion in ARPA funds all at once but had
planned to spend it over a two-year time span.
2:04:21 PM
Co-Chair Stedman noted the significant savings component
written into the legislation and considered that some of
the ARPA funds could end up in savings.
2:04:34 PM
Ms. Ryder continued to discuss the changes:
5. Education and Early Development/ WWAMI Medical
Education (Washington, Wyoming, Alaska, Montana and
Idaho). Deleted $1,647.5 UGF to expand WWAMI program
by 10 students (from 20 to 30) because the funding has
been added to the language.
2:05:38 PM
Senator von Imhof wondered whether the funding was for
students starting in 2023 or 2024.
2:05:45 PM
Mr. Ecklund replied that the request was moved to the
language section so that the appropriation could be multi-
year. He said that the 10 students would be added 5 at a
time.
2:06:12 PM
Ms. Ryder continued with the differences:
6. Office of the Governor/Office of Management and
Budget. Added the following intent:
o Intent that OMB submit a report of
? all revised programs that have been
executed.
? All transfers to and from the personal
services line.
o Intent that OMB submit a report of all
transfers to and from the personal services line.
This intent was removed from the language and
added to the numbers section.
7. Health and Social Services
o Minor fund changes to more accurately reflect
the fund sources.
o Replaced an ongoing request for 10 permanent
full-time positions to support application
processing in Public Assistance Field Services
with a one-time increment and 10 temporary
positions.
o Medicaid, Personal Care Attendant funding.
Added $32.9 million (half of which is UGF) to
Medicaid to fund a 10 percent increase for
Personal Care Attendants.
2:07:47 PM
Senator von Imhof wondered whether the funds were for
increasing salaries or care.
2:07:50 PM
Ms. Ryder replied that the funds were intend for salary
increases for care providers.
2:07:56 PM
Senator von Imhof asked whether there was intent language
in the bill to specify that the funds were for salary
increases.
2:08:00 PM
Ms. Ryder replied in the affirmative.
2:08:08 PM
Co-Chair Stedman interjected that there had been
significant public testimony in support of the salary
increases.
2:08:21 PM
Ms. Ryder continued to discuss the differences:
8. Natural Resources
o Oil and Gas. Replaced $755.6 UGF with
GF/Program Receipts. The Division has sufficient
revenue so replacing the UGF will not impact
operations.
o Agriculture. Added carryforward wordage in
Agriculture allowing FY22 GF/Program receipts
from Industrial Hemp activities to be carried
forward into FY23.
9. Transportation and Public Facilities/Northern
Region Highways and Aviation. Added $50.0 UGF to
support ice road transportation access to northwest
communities.
10. Environmental Conservation/Primacy Requests
o Removed the Governor's $4.9 million request
associated with the assumption of 404 Primacy.
o Removed the Governor's $830.0 and 6 PFT
positions associated with the assumption of
Hazardous Waste Management Under Resource
Conservation and Recovery Act, Subtitle C (RCRA).
11. Legislature: Added clarifying transactions to the
Legislature's budget to indicate that the legislature
used $1,716.8 of UGF of savings from SB55 to fund
various increases in the legislature's budget.
SUPPLEMENTAL NUMBERS DIFFERENCES (Sections 7-9)
12. ARPA revenue replacement: A total of $300 million
UGF was replaced with ARPA revenue in the departments
of Corrections, Family and Community Services, Health,
Natural Resources, Public Safety, Transportation and
Public Facilities and the Judiciary.
13. DEC/Water Quality, Infrastructure Support and
Financing. Removed $750.0 UGF for the assumption of
404 Primacy.
LANGUAGE DIFFERENCES
14. Sec 15 b-d, page 72. SCHOOL DEBT REIMBURSEMENT
(FY22 SUPP)
o Added $172.2 million UGF to reimburse
communities for statutory funding obligations for
School Debt Reimbursement that was not paid in
FY17-FY21. This brings the total school debt
reimbursement amount to $220.9 million.
15. Sec. 19, page 73. JUDGMENTS AND CLAIMS (FY22
SUPP). Fully funded the Governor's Judgments and
Claims requests totaling $1,196,165.
16. Sec 21b, page 75. ELECTIONS (FY22 SUPP). Added
$2.5 million UGF to conduct a special election to
replace Rep. Don Young.
17. Sec 22c-e. Rural Education Attendance Areas
(REAA). Added $66.8 million to the REAA Fund to repay
unfunded statutory obligations for FY17, FY21 and
FY20. With the $17.1 million that had been included in
the last CS, total funding to the REAA Fund is $83.96
million.
2:13:12 PM
Ms. Ryder continued to discuss the differences:
18. Sec 22 h. ELECTION FUND CAPTILIZATION (FY22 SUPP).
As required under the Help America Vote Act, $1.2
million ($200.0 UGF and $1 million federal receipts)
was appropriated to capitalize the Election Fund. This
funding will be used to fund a capital project to
improve election administration, enhance election
technology and make election security improvements.
19. Sec. 23, page 75. SUPPLEMENTAL FUND TRANSFERS
FY22 ARPA REVENUE REPLACEMENT. Appropriated $300
million federal receipts to the general fund for FY22
general fund revenue replacement.
Another $186.6 was appropriated in FY23 in Sec. 48n.
20. Sec 24b, page 76. FY22 STATUTORY BUDGET RESERVE
SWEEP. This subsection appropriates all unobligated
and unrestricted of the general fund at the end of
FY22 to the SBR Fund.
21. Deleted a language section regarding OMB
submitting a Personal Services Transfers report to the
legislature. This was moved to the numbers section
under the Office and Management and Budget's
allocation.
22. Sec 31f, page 81. ALASKA PERMANENT FUND. Adds a
new subsection that if the 2023 average price of oil
exceeds $100/bbl, all "excess" UGF revenue, estimated
to be $101 million, is appropriated to the Permanent
Fund's Corpus.
23. Sec 34e. RESIDENTIAL SCHOOLS. Added $4.3 million
UGF to Residential Schools to provide a 50 percent
increase in this program for FY23. Funding for this
program has not been increased since FY15.
24. Sec 37e, page 90. WORKFORCE DEVELOPMENT AND
TRAINING PROGRAMS: A total of $10 million was added to
the Department of Labor and Workforce Development for
a variety of workforce development and training
programs.
25. Sec 38a and b. page 91. STATE'S RIGHTS LITIGATION.
Added $2 million UGF of the Governor's requested $4
million, for litigation relating to State's Rights. Of
this amount, $500.0 is to be used for litigation
related to the Tongass National Forest.
26. Sec 47l -o, pages 103-104. CLEAN WATER AND
DRINKING WATER FUND CAPITALIZATION. The CS
incorporates the Governor's requested funding included
in the Infrastructure Investment and Jobs Act (IIJA)
for the Clean Water and Drinking Water Funds. The
funding added to the bill is as follows
? Clean Water Fund ($19.85m Fed, $2 m UGF)
? Drinking Water Fund ($38.2m Fed, $1.8m UGF)
27. Sec 47v, page 105 FUND TRANSFERS FY23 K-12
FOUNDATION FORMULA FORWARD FUNDINGFY23 K-12-Foundation
Formula Forward Funding was added using "excess" FY23
general fund revenue.
28. Sec. 48n. page 107. ARPA REVENUE REPLACEMENT. This
section uses $186.6 million of federal ARPA funding to
replace UGF in FY23. Another $300 million was used to
replace UGF in FY22.
29. Sec 47w, page 105. OIL AND GAS TAX CREDITS. Adds a
subsection that appropriates the statutory formula for
oil and gas tax credits but caps the amount at $349
million.
2:17:21 PM
Ms. Ryder continued to discuss the differences:
30. Sec 49a, page 108. PUBLIC EMPLOYEES RETIREMENT
DEPOSIT. This section adds $89.3 million of the Health
Care portion of the retirement rate that was not
funded in FY23 to the pension side of PERS, bringing
the total UGF additional state contribution to
$123,233,000.
31. Sec 50, page 108. SALARY AND BENEFIT ADJUSTMENTS.
Revised Salary Adjustment language to reflect the
addition of the Alaska State Employees for the GGU and
the Alaska Vocational Technical Center Teachers'
Association (AVTCTA) bargaining units and to make a
technical tweak of previous language.
2:18:10 PM
Senator Hoffman queried the amount included in the house
version of the bill for oil and gas tax credits.
2:18:22 PM
Mr. Ecklund believed that it had landed at $349 million. He
deferred to Alexei Painter, Director, Legislative Finance
Division.
2:18:41 PM
Co-Chair Stedman explained that the house had funded the
credits at $101/bbl.
2:19:12 PM
Senator Olson asked about Item 25 on the document, STATE'S
RIGHTS LITIGATION. He understood that the governor had
requested $4 million; the current bill version added only
$2 million.
2:19:35 PM
Mr. Ecklund replied in the affirmative.
2:19:45 PM
Senator Olson surmised that, under the bill, 100 percent of
any revenue above $100/bbl. went into the corpus of the
Permanent Fund.
2:19:50 PM
Mr. Ecklund replied in the affirmative.
2:20:09 PM
Co-Chair Stedman WITHDREW the OBJECTION. There being NO
OBJECTION, the proposed committee substitute was adopted.
2:21:25 PM
Co-Chair Bishop MOVED to ADOPT the committee substitute for
CS 282(FIN), Work Draft 32-GH2687\G (Marx 4/18/22).
Co-Chair Stedman OBJECTED for discussion.
2:22:02 PM
Ms. Ryder continued to discuss the document titled,
"Differences Between SB 162(FIN) Version W (AKA C31) and
Sen CS for HB 281 Version L (AKA CS 2)" (copy on file):
MENTAL HEALTH BUDGET CHANGES
SCS 163 Version G to SCS for HB 282 Version G
FY23 OPERATING NUMBERS SECTION DIFFERENCES
32. Sec. 1. Incorporated Governor's 4/14 bargaining
unit agreement amendments for Alaska Vocational
Technical Center Teachers' Association (AVTECTA) and
the General Government Unit (GGU).
MENTAL HEALTH CAPITAL DIFFERENCE (Sec 4, page 12)
33. Based on a Governor's amendment, this bill reduces
the Alaska Psychiatric Institute Wireless
Infrastructure Upgrade project amount from $500.0 to
$100.0.
MENTAL HEALTH LANGUAGE DIFFERENCES
34. Sec 9, page 15. SALARY AND BENEFIT ADJUSTMENTS.
Revised Salary Adjustment language to reflect the
addition of the Alaska State Employees for the GGU and
the Alaska Vocational Technical Center Teachers'
Association (AVTCTA) bargaining units and to make a
technical tweak of previous language.
Co-Chair Stedman WITHDREW the OBJECTION. There being NO
OBJECTION, it was so ordered.
2:23:39 PM
AT EASE
2:25:02 PM
RECONVENED
2:25:17 PM
ALEXEI PAINTER, DIRECTOR, LEGISLATIVE FINANCE DIVISION,
stated that he would present three versions of a fiscal
summary: A, B, and C. He discussed the document titled,
"Short Fiscal Summary - A" (copy on file). This version was
a combination of the Operating and Capital budgets adopted
by the committee. The revenue line at the top reflected the
spring revenue forecast from DOR, which called for
$101/bbl. oil in FY23. He said that the forecast was
currently accurate and would be used going forward.
2:26:30 PM
Mr. Painter looked at line 8, which was the Operating
Budget Agency Operations as reflected in SCS2, which was
5.3 percent UGF increase over the FY22 budget. The
Statewide Items on line 9 showed an increase, with oil and
gas tax credits increasing from $54 million in FY21 to $349
million in FY22. He shared that the house had passed a
fixed number of $349 million while the senate had the
statutory formula capped at $349 million, which meant that
if oil met the forecast, or higher, the two would pay out
the same amount; if the oil revenue was lower than
forecasted the house amount would be $349 million but the
senate amount would lower with the price of oil.
2:27:42 PM
Mr. Painter addressed line 10, which was forward funding K-
12 and the Public Education Fund for $1.2 billion. Line 11
showed the Operating Supplementals in the CS, which were
$508 million and $6.8 million, and included additional
School Debt Reimbursement and REAA Fund Capitalization just
added by the committee. He said that lines 12 and 13
reflected the first Capital Budget CS adopted by the
committee, with one change; the bill incorporated the house
version of the Mental Health Capital Budget. He noted that
line 14 showed the Capital Supplementals, which were
currently split between the Operation and Capital Budget
bills.
2:29:06 PM
Co-Chair Stedman interjected that Co-Chair Bishop had not
presented the final version of the Capital Budget.
2:29:20 PM
Mr. Painter looked at line 16, Permanent Fund Dividends.
He noted that the bill did not include a dividend at this
point. He stated that line 17 showed inflation proofing at
the statutory level and was estimated to be approximately
$1 billion. He noted line 18, which showed additional
deposits to the corpus - $199.0 in FY22. He said that the
amount in FY23 was the appropriation of oil revenue over
the forecasted $101/bbl. number. He said the amount would
be zero if the number fell below $101/bbl. The number would
move up and down in accordance with the oil price during
the year. He spoke to the pre-transfer surplus and revenue
replacement related to the SBR, ARPA, and other fund
transfers.
2:32:23 PM
Co-Chair Stedman recalled that the year prior roughly $660
million was taken from savings to pay the $1,100 dividend.
This bill would replace that money in savings.
2:33:08 PM
Senator Hoffman asked about line 23 and wondered whether
the presenter meant to reference the CBR or SBR.
2:33:18 PM
Mr. Painter clarified it was the SBR and not the CBR.
2:33:22 PM
Co-Chair Bishop asked Mr. Painter to restate the number on
line 17.
2:33:46 PM
Mr. Painter restated that the estimated inflation number,
based on Callan inflation number of 2 percent, would be
approximately $1 billion. He said that the number could
change if the inflation number increased. He
2:33:59 PM
Co-Chair Stedman asked about the box on the lower right-
hand side of the slide.
2:34:04 PM
Mr. Painter stated that in FY22, the CS deposited the post-
transfer surplus into the SBR, which mad ethe fund grow to
approximately $2 billion and was a combination of lines 23
and 24 in FY22. He said that in FY23 the post-transfer
surplus would lapse into the CBR, which would grow that
account from $1.3 billion to $3.4 billion. He noted that
the $2.1 billion was a projection not including a dividend
and with the current Capital Budget.
Co-Chair Stedman understood the next slide would show the
numbers with a dividend payout included.
2:35:19 PM
Mr. Painter explained that the document, Short Fiscal
Summary B (copy on file) was identical to version A,
except line 16, which added a 50/50 dividend as proposed by
the governor. He said that the payout would be $2,500 per
qualified applicant and would reduce the pre-transfer
surplus to $228.6 million (line 19) and post-transfer
surplus to $414.9 million. He pointed to the box on the
right and noted that less would be going to the CBR. He
stated that there would be $3.7 billion, liquid, between
the SBR and CBR that when added to the $1.2 billion in
forward funding for K-12 the total exceeded the liquid
savings target.
2:36:33 PM
Co-Chair Stedman asked for a total once the $1.2 billion K-
12 forward funding was added.
2:36:35 PM
Mr. Painter replied that the total would be approximately
$4.9 billion.
Co-Chair Stedman understood that the slide reflected a
50/50 dividend payout and did not include a Capital Budget.
Mr. Painter replied in the affirmative.
2:36:50 PM
Co-Chair Stedman shared that there had been conversation at
the table surrounding setting up the liquidity of the
state.
2:37:18 PM
Senator Olson wondered what the dividend amount would be
under the 50/50 plan.
2:37:32 PM
Mr. Painter that the dividend would be $2,500 per person.
2:37:37 PM
Co-Chair Stedman explained that the dividend bill would be
before the committee at a later date.
2:37:59 PM
Mr. Painter looked at Handout C. Which was the same as the
others except for line 13, which increased the Capital
Budget assumption to $400 million. He said that the change
would leave a pre-transfer surplus of $3.2 million (line
19) and a post-transfer surplus of $229.5 million (line
24). He said that $1.5 billion would be left in the CBR,
with a total of approximately $3.5 billion between the CBR
and SBR, and $4.7 billion when including forward funding of
K-12 Education.
2:38:55 PM
Co-Chair Stedman spoke of the gross value of the sovereign
wealth fund when compared to others in the world. He noted
that the Permanent Fund was not the largest in the world by
size, but when viewed as a percentage of the state budget
the fund was the largest on the planet. He noted that a
mechanism to move excess revenue into the fund could be
considered. He said years ago when the committee had
amassed a small fortune in savings, they had never
considered that future legislatures would spend down the
savings so quickly. He thought that the legislature should
seriously consider the concept putting away excess revenue
so that past shortfalls could be avoided. He pointed out to
the committee that the desire to install another check from
the ERA to the corpus would be part of future discussion.
2:43:53 PM
Co-Chair Stedman continued his comments. He stressed the
importance if putting some of the funds into the
constitutionally protected part of the fund. He stressed
that the committee understood the importance of the savings
over the past few years and noted that there had been
difficult budget discussions.
2:45:37 PM
Senator Olson asked whether there were other sovereign
wealth funds that put excess savings into liquidity.
Co-Chair Stedman thought that had been mentioned by a past
presenter.
Senator Olson wondered how money could be accessed in an
emergency.
Co-Chair Stedman asserted that that was what the purpose of
the ERA or the CBR.
2:47:38 PM
Co-Chair Bishop noted that the state was above the four
times draw amount. He lamented that the state should take
advantage of the increase in oil price caused by the war in
Ukraine.
Co-Chair Stedman agreed.
2:48:45 PM
AT EASE
2:49:19 PM
RECONVENED
Co-Chair Stedman relayed that the CS was a working document
and that members were welcome to submit amendments. He
noted that amendments would be drafted into a future CS for
expediency - he offered a Thursday April 21, 2022 deadline.
2:50:41 PM
Co-Chair Stedman discussed housekeeping.
SB 162 was SCHEDULED but not HEARD.
SB 163 was SCHEDULED but not HEARD.
CSHB 281(FIN) am(brf sup maj fld)(efd fld) was HEARD and
HELD in committee for further consideration.
CSHB 282(FIN) was HEARD and HELD in committee for further
consideration.
ADJOURNMENT
2:52:36 PM
The meeting was adjourned at 2:52 p.m.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 162-HB 281 CS 2 big picture and housekeeping.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 SB 162 |
| SB 162-HB 281 Agency Summary Documents.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 SB 162 |
| SB 162-HB 281 FY23 CS 2 CHANGES Explanation.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 SB 162 |
| SB 162-HB 281 Short Fiscal Summary FY23 SCS2 w PFD w $400 Cap 04.19.22.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 SB 162 |
| SB 162-HB 281 Short Fiscal Summary FY23 SCS2 w PFD 04.19.22.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 SB 162 |
| SB 162-HB 281 Short Fiscal Summary FY23 SCS2 04.19.22.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 SB 162 |
| HB 281 work draft version L.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 281 |
| HB 282 work draft version G.pdf |
SFIN 4/19/2022 1:00:00 PM |
HB 282 |