Legislature(2005 - 2006)BUTROVICH 205
02/09/2005 08:30 AM Senate JUDICIARY
Audio | Topic |
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Start | |
SB36 | |
SJR1 | |
SJR4 | |
Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
+ | TELECONFERENCED | ||
= | SB 36 | ||
= | SJR 1 | ||
= | SJR 4 | ||
SJR 4-CONST AM: BUDGET RESERVE FUND 9:48:59 AM CHAIR SEEKINS announced SJR 4 was up for consideration. SENATOR DYSON asked if the Legislature should make repaying the constitutional budget reserve (CBR) a priority in years with a surplus, and getting it up to $5 billion dollars as a buffer fund. CHAIR SEEKINS said maybe there should be an escalator built into the amendment so that the Legislature doesn't have to re-address the dollar amount in the future. SENATOR THERRIAULT said he does not like escalators. Setting the buffer at $5 billion should cover things for the near future and then it wouldn't be difficult to step it up when needed. 9:51:45 AM CHAIR SEEKINS agreed and offered to consider a 5 or 10-year review. SENATOR THERRIAULT said SJR 4 should probably have gone to the Finance Committee before the Judiciary Committee. CHAIR SEEKINS announced the committee might request a second referral after Finance has finished with SJR 4. SENATOR DYSON agreed with Senator Therriault being wary of escalators on the spending side. SJR 4 is different because it is the financial back up that bonding ratings are dependent upon. SJR 4 will bring voters because of the appeal of a disciplined spending. 9:54:18 AM CHAIR SEEKINS said the CBR fulfills two functions, it is a buffer for bad years and it is a cash flow account. There must be an amount in the CBR to handle cash flow variations. 9:54:55 AM MR. SCHULTZ said last year the Governor suggested $1 billion dollars as the minimum. SJR 4 does not limit the CBR to $5 billion dollars it limits the payments. The CBR can grow past $5 billion from other sources. 9:55:49 AM CHAIR SEEKINS advised Senator Dyson and the committee that he would watch SJR 4 and ask for a second referral back to the Judiciary Committee. SENATOR HUGGINS made a motion to move SJR 4 out of committee with individual recommendations and zero fiscal notes. CHAIR SEEKINS heard no objections and so the motion passed.
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