Date: 01/16/2008

Final
BILL SUMMARY for HB08-1029

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Motion to refer House Bill 08-1029 to the Committe
Moved to strike page 2, lines 7 through 9 and subs		PASS
FAIL


04:32 PM -- House Bill 08-1029 -- Concerning Expenditures to fund Lottery Prize Reserves

Representative McFadyen, prime sponsor, described the background issue that led to House Bill 08-1029. Under current law, whenever a Powerball winner chooses a lump-sum payment option, the state may not be able to pay its obligations due to the way that money is appropriated to the lottery prize reserves by the General Assembly. House Bill 08-1029 authorizes lottery prize reserves to be continuously appropriated and simplifies the lottery's annual appropriation to enable the lottery to more easily pay out lump-sum winnings.

The following person testified:

04:34 PM -- Ms. Peggy Gordon, Colorado Lottery, testified in support of the bill and restated the issue that Representative McFadyen discussed in her presentation. She explained that lottery funding is continuously appropriated from ticket sales. However, Powerball is not continuously appropriated. In the rare occasion that there is a very large Powerball jackpot, for example, a $300 million prize, the lottery must request the state controller to pay out winnings. Ms. Gordon concluded saying that the change in the bill simply allows revenue from ticket sales and Powerball to be continuously appropriated. Without this bill, if a large Powerball payout is required, the Joint Budget Committee would have to be convened to approve the payout. If a large Powerball jackpot is won when the legislature is out of season, the JBC would have to convene at an expense to the state.
BILL:HB08-1029
TIME: 04:37:18 PM
MOVED:Bruce
MOTION:Moved to strike page 2, lines 7 through 9 and substitute standard enacting clause plus any conforming amendments. The motion failed on a 4-7 vote.
SECONDED:Lundberg
VOTE
Borodkin
No
Bruce
Yes
Frangas
No
Garcia
No
Kefalas
No
Kerr J.
Yes
Labuda
No
Lambert
Yes
Lundberg
Yes
Benefield
No
Judd
No
Not Final YES: 4 NO: 7 EXC: 0 ABS: 0 FINAL ACTION: FAIL

BILL:HB08-1029
TIME: 04:41:02 PM
MOVED:Benefield
MOTION:Motion to refer House Bill 08-1029 to the Committee of the Whole. The motion passed on a 9-2 vote.
SECONDED:Garcia
VOTE
Borodkin
Yes
Bruce
No
Frangas
Yes
Garcia
Yes
Kefalas
Yes
Kerr J.
Yes
Labuda
Yes
Lambert
Yes
Lundberg
No
Benefield
Yes
Judd
Yes
Final YES: 9 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS


04:41 PM

Adjourn.