Legislature(2015 - 2016)BARNES 124
02/26/2016 03:15 PM House LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| HB268 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 268 | TELECONFERENCED | |
HB 268-AIDEA:DIVIDEND TO STATE;INCOME;VALUATION
3:18:33 PM
CHAIR OLSON announced that the only order of business would be
HOUSE BILL NO. 268, "An Act relating to the dividends from the
Alaska Industrial Development and Export Authority; relating to
the meaning of 'mark-to-market fair value,' 'net income,'
'project or development,' and 'unrestricted net income' for
purposes of the Alaska Industrial Development and Export
Authority; and providing for an effective date."
3:18:46 PM
GENE THERRIAULT, Deputy Director for Energy Policy Development,
Alaska Energy Authority/Alaska Industrial Development and Export
Authority, Department of Commerce, Community & Economic
Development, reminded the committee the purpose of the bill was
to expand on the current statutory exemption that allows Alaska
Industrial Development and Export Authority (AIDEA) to "back
certain things out" of the audited financial statement which is
bringing a lot of volatility to the calculation of the state's
dividend. He assured the committee that AIDEA would continue to
abide by all accounting rules to attain a financial audited
statement, and the legislature would indicate which projects to
back out in order to ensure a smoother net earnings on which to
calculate the dividend. Mr. Therriault directed attention to
additional language added to the bill on page 2, beginning on
line 3 [and continuing to line 26] which read:
... excluding amounts attributable to
intergovernmental transfers, capital contributions,
grants, [OR IMPAIRMENT] losses on a project or
development to the extent [DEVELOPMENT PROJECTS]
financed with state or federal grants or
appropriations, mark-to-market fair value based
accounting entries, and noncash accounting entries
related to retirement obligations [UNDER AS
44.88.172];
(4) "project or development" means
(A) an Arctic infrastructure development as
defined in AS 44.88.900(2);
(B) a development project as defined in AS
44.88.900(6);
(C) a project as defined in AS
44.88.900(13); or
(D) a qualified energy development as
defined in AS 44.88.900(16);
(5) [(3)] "unrestricted net income" means the
unrestricted change in net position, or the equivalent
term under generally accepted accounting principles,
of the revolving fund, the Alaska Industrial
Development and Export Authority sustainable energy
transmission and supply development fund (AS
44.88.660), or the Arctic infrastructure development
fund (AS 44.88.810) as set out in the audited
financial statements of the authority for the base
fiscal year, excluding amounts attributable to
intergovernmental transfers, capital contributions,
grants, [OR IMPAIRMENT] losses on a project or
development to the extent [DEVELOPMENT PROJECTS]
financed with state or federal grants or
appropriations, mark-to-market fair value based
accounting entries, and noncash accounting entries
related to retirement obligations [UNDER AS
44.88.172].
3:20:12 PM
CHAIR OLSON opened public testimony on HB 268. After
ascertaining that no one wished to testify on HB 268, public
testimony was closed.
3:20:39 PM
REPRESENTATIVE COLVER moved to report HB 268 out of committee
with individual recommendations and the accompanying fiscal
notes. There being no objection, HB 268 was reported from the
House Labor and Commerce Standing Committee.
| Document Name | Date/Time | Subjects |
|---|---|---|
| HB268 Supporting Documents-AIDEA Dividend ImpactV13 Presentation 02-26-16.pdf |
HL&C 2/26/2016 3:15:00 PM |
HB 268 |