SENATE BILL NO. 196 "An Act relating to the use of certain unexpended earnings from the power cost equalization endowment fund." 3:53:30 PM Vice-Chair Micciche MOVED to ADOPT the committee substitute for SB 196, Work Draft 29-LS1383\F (Nauman, 4/8/16). Co-Chair MacKinnon OBJECTED for DISCUSSION. TIM GRUSSENDORF, STAFF, SENATOR LYMAN HOFFMAN, explained the committee substitute. He looked at Section 1, line 8, added the word, "and." He furthered that the second change added the language, "the earnings of the fund for the previous year." That language was added so the commissioner would calculate on the earnings, rather than the monthly average of the previous three fiscal years. He noted that the Legislative Finance Division (LFD) and the Legislative Legal had different language preferences. He shared that LFD preferred the phrase, "closed fiscal year", so they could know the exact amount. He looked at Section 2, which changed "seven" to "five", which was the maximum amount that could be used for purpose of power cost equalization (PCE). He stated that the change lined up with the change to the investment target of 4 percent average over a 5 percent per year period. He stated that LFD preferred the phrase "up to five" rather than "five." He encouraged the committee to evaluate that difference in their consideration of the bill. He stated that Section 3 was a new section, which stated that if the 5 percent was not enough to pay for the PCE program, the amount would be prorated. He remarked that the last section addressed how the earnings were split for the previous fiscal year, and whether there was anything above the cost of the program. He shared that there was previously a dividend going to GF of 60 percent. He stated that the dividend was changed to 50 percent. The 50 percent would be assigned to community revenue sharing. He shared that there was an issue with sending money from the PCE fund to GF was changing DGF to UGF. The CS changed DGF to DGF, because it was designated for community revenue sharing. He stressed that the savings of GF would be the money that the legislature could use from the program. Co-Chair MacKinnon WITHDREW the OBJECTION. There being NO OBJECTION, the proposed committee substitute was adopted. Co-Chair MacKinnon noted that the public hearing had already occurred. She shared that she would like LFD to analyze the new language in the CS. SB 196 was HEARD and HELD in committee for further consideration. 3:58:07 PM AT EASE 3:58:14 PM RECONVENED Co-Chair MacKinnon discussed the schedule. 3:58:29 PM AT EASE 3:59:28 PM RECONVENED Co-Chair MacKinnon stated that there would be no continuing pursuit of SB 208.