Legislature(2019 - 2020)ADAMS ROOM 519
07/24/2019 05:15 PM House FINANCE
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| Audio | Topic |
|---|---|
| Start | |
| HB2003 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | HB2003 | TELECONFERENCED | |
| + | TELECONFERENCED |
HOUSE FINANCE COMMITTEE
SECOND SPECIAL SESSION
July 24, 2019
5:18 p.m.
5:18:41 PM
[Note: Meeting was recessed and reconvened on 7/25/19 at
9:00 a.m.]
CALL TO ORDER
Co-Chair Johnston called the House Finance Committee
meeting to order at 5:18 p.m.
MEMBERS PRESENT
Representative Neal Foster, Co-Chair
Representative Jennifer Johnston, Co-Chair
Representative Dan Ortiz, Vice-Chair
Representative Andy Josephson
Representative Gary Knopp
Representative Bart LeBon
Representative Colleen Sullivan-Leonard
Representative Cathy Tilton
Representative Adam Wool
MEMBERS ABSENT
Representative Ben Carpenter
Representative Kelly Merrick
ALSO PRESENT
Erin Shine, Staff, Representative Jennifer Johnston
SUMMARY
HB 2003 APPROP: PAYMENT OF PFD
HB 2003 was HEARD and HELD in committee for
further consideration.
Co-Chair Johnston reviewed the agenda for the meeting. She
clarified that the committee would hear an introduction of
HB 2003.
HOUSE BILL NO. 2003
"An Act making special appropriations for the payment
of permanent fund dividends; and providing for an
effective date."
5:19:50 PM
Vice-Chair Ortiz MOVED to ADOPT proposed committee
substitute (CS) for HB 2003, Work Draft 31-LS1141\M
(Caouette 7/24/19).
Co-Chair Foster OBJECTED for discussion.
Vice-Chair Johnston asked her staff to review the bill.
5:20:27 PM
ERIN SHINE, STAFF, REPRESENTATIVE JENNIFER JOHNSTON,
reviewed the changes in the CS. The CS removed the $1
billion transfer from the Permanent Fund Earnings Reserve
Account (ERA) to the General Fund. She explained that the
language was included in separate legislation that had just
been considered on the House floor. She noted that the
deleted language was located in version A of HB 2003, page
1, lines 4 through 6.
Co-Chair Foster WITHDREW his OBJECTION.
Ms. Shine explained that the bill would appropriate a
Permanent Fund Dividend (PFD). She noted the bill language
had been considered in a previous piece of legislation. The
bill would appropriate $172,200,000 from the Statutory
Budget Reserve (SBR) to the dividend fund and $901,470,000
from the General Fund to the dividend fund. The
appropriation equated to a PFD of approximately $1,605. She
added that the bill assumed the reverse sweep was obtained
and there were sufficient funds in the SBR. She detailed
that without the reverse sweep the bill would have hollow
authority under Section 1(b), which would lower the PFD to
$1,336.
5:22:35 PM
Representative Wool stated that $172 million from the SBR
would bring the PFD amount from approximately $1,300 to
approximately $1,600. He wondered if the $172 million
transfer was contingent on HB 2002, which contained the
reverse sweep and transfer language. Alternatively, he
wondered if the $172 million was part of a reverse sweep.
Ms. Shine responded that in SB 2002 the reverse sweep would
need to be achieved to repopulate the SBR account, which
currently had a zero balance (without the reverse sweep, HB
2003 gave hollow authority). She explained that the reverse
sweep was necessary in order to transfer the funds for the
payment of PFDs.
Co-Chair Johnston set the bill aside and recessed the
meeting.
HB 2003 was HEARD and HELD in committee for further
consideration.
RECESSED
5:23:57 PM
[Note: Meeting was recessed and reconvened on 7/25/19 at
9:00 a.m.]
| Document Name | Date/Time | Subjects |
|---|---|---|
| HB 2003 CS WORKDRAFT vM.pdf |
HFIN 7/24/2019 5:15:00 PM |
HB2003 |
| CS HB 2003 FIN Sectional Analysis.pdf |
HFIN 7/24/2019 5:15:00 PM |
HB2003 |