07/27/2019 11:00 AM Senate FINANCE

CS FOR HOUSE BILL NO. 2003(FIN)                                                                                               
                                                                                                                                
     "An Act making special appropriations for the payment                                                                      
     of permanent fund dividends; and providing for an                                                                          
     effective date."                                                                                                           
                                                                                                                                
3:07:13 PM                                                                                                                    
                                                                                                                                
PETE  ECKLUND, STAFF,  SENATOR  BERT  STEDMAN, reviewed  the                                                                    
bill  that   would  appropriate  $172.2  million   from  the                                                                    
Statutory  Budget Reserve  (SBR)  and apply  it towards  the                                                                    
dividend.   He   clarified   that  the   appropriation   was                                                                    
contingent  on the  passage  of  SB 2002  in  the House.  He                                                                    
detailed that SB 2002 would  require a three-quarter vote on                                                                    
the  use  of the  Constitutional  Budget  Reserve (CBR)  and                                                                    
included a reverse  sweep section. He noted  that the Senate                                                                    
Finance  Committee  had  discussed the  subject  depth.  The                                                                    
current   bill  -   CSHB  2003(FIN)   -   also  included   a                                                                    
$901,470,000  appropriation from  the  General  Fund to  the                                                                    
dividend fund.  The funds would  result in a  Permanent Fund                                                                    
Dividend (PFD)  of approximately  $1,600. He  explained that                                                                    
without  an affirmative  three-quarter vote  on SB  2002 [in                                                                    
the  House]  the PFD  would  be  roughly $1,336  [note:  see                                                                    
corrected amount below].                                                                                                        
                                                                                                                                
3:08:46 PM                                                                                                                    
                                                                                                                                
Co-Chair  Stedman   remarked  that   the  bill   was  fairly                                                                    
straightforward, except for  the two separate appropriations                                                                    
used to fill in the dividend.                                                                                                   
                                                                                                                                
Mr.  Ecklund  corrected  his  prior  statement  on  the  PFD                                                                    
amount.  He clarified  that  without  an affirmative  three-                                                                    
quarter vote  [in the House]  on SB  2002, the PFD  would be                                                                    
approximately $1,328.                                                                                                           
                                                                                                                                
Co-Chair  Stedman  believed  the committee  was  working  in                                                                    
broader numerics at the table.  He detailed the total dollar                                                                    
amounts  would  be appropriated  and  the  exact PFD  amount                                                                    
would depend  on the number  of eligible PFD  applicants and                                                                    
any additional fees and costs.                                                                                                  
                                                                                                                                
Mr. Ecklund agreed.                                                                                                             
                                                                                                                                
CSHB 2003(FIN) was  HEARD and HELD in  committee for further                                                                    
consideration.