MINUTES                                           
                    SENATE FINANCE COMMITTEE                                   
                        January 20, 1997                                       
                            9:03 A.M.                                          
                                                                               
  TAPES                                                                        
                                                                               
  SFC-97, # 4, Sides 1 & 2                                                     
  SFC-97, # 5, Side 1 (028)                                                    
                                                                               
  CALL TO ORDER                                                                
                                                                               
  Senator  Drue  Pearce,  Co-chair,  convened the  meeting  at                 
  approximately 9:03 A.M.                                                      
                                                                               
  PRESENT                                                                      
                                                                               
  In  addition to  Co-chair Pearce,  Co-chair Sharp,  Senators                 
  Torgerson, Phillips and Adams were  present when the meeting                 
  was  convened. Senator  Parnell arrived  shortly thereafter.                 
  Senator Donley did not attend the meeting.                                   
                                                                               
  Also Attending:                                                              
  Wilson Condon, Commissioner,  Department of Revenue;  Robert                 
  Storer,   Chief   Investment  Officer,   Treasury  Division,                 
  Department  of Revenue;  Ross  Kinney, Deputy  Commissioner,                 
  Treasury Division, Department of Revenue; Annalee McConnell,                 
  Director,  Office  of  Management and  Budget;  Mike Greany,                 
  Director, Legislative Finance  Division; fiscal analysts and                 
  aides to committee members.                                                  
                                                                               
  SUMMARY INFORMATION                                                          
                                                                               
                      INVESTMENT OVERVIEW                                      
               PRESENTED BY DEPARTMENT OF REVENUE                              
                                                                               
             RETIREMENT INCENTIVE PROGRAM OVERVIEW                             
          PRESENTED BY OFFICE OF MANAGEMENT AND BUDGET                         
                                                                               
                                                                               
  The  meeting  was recorded  and  handwritten log  notes were                 
  taken.  A copy  of the tape and log notes may be obtained by                 
  contacting either the Legislative Finance Division, P.O. Box                 
  113200, Juneau, Alaska 99811-3200 (Phone: (907) 465-3795) or                 
  the office of the Senate Finance Committee Secretary (Phone:                 
  (907) 465-2618).                                                             
                                                                               
                                                                               
  ADJOURNMENT                                                                  
                                                                               
  The meeting was adjourned at approximately 10:40 A.M.