Date: 04/14/2010

Final
HCR10-1003

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Moved amendment L.001 (Attachment A). The motion
Refer House Concurrent Resolution 10-1003, as amen		Pass Without Objection
PASS



11:49 AM -- HCR 10-1003 - Concerning a Constitutional Rainy Day Fund

Representative Curry, prime sponsor, explained the provisions of the bill and distributed amendment L.001 (Attachment A) and the severance tax forecast from Legislative Council Staff (Attachment B). She noted that the resolution submits to the voters in November 2010 an amendment to the state constitution to create the State Rainy Day Fund. Starting FY 2011-12, this concurrent resolution would credit $25 million in severance tax revenue to the fund in years when severance tax revenue exceeds $50 million.

10HseFin0414AttachA.pdf 10HseFin0414AttachB.pdf

The committee discussed the unintended consequences of establishing a constitutional rainy day fund. Representative Curry responded saying that there were more protections built into the constitutional approach than if a statutory fund were established by the General Assembly. After a brief committee discussion, testimony was heard.

The following persons testified:

12:02 PM -- Mr. Bill Clayton, representing Colorado Counties Incorporated (CCI), testified in opposition toward the bill. He closed by discussing the importance of severance tax revenue that is distributed to local governments such as counties.

12:07 PM -- Mr. Kevin Bommer, Colorado Municipal League (CML), testified. He did not take a position on the measure.


12:09 PM

Recess.


01:31 PM

The committee reconvened. It resumed consideration of HCR 10-1003.
BILL:HCR10-1003
TIME: 01:31:26 PM
MOVED:Benefield
MOTION:Moved amendment L.001 (Attachment A). The motion passed without objection by those members present.
SECONDED:Judd
VOTE
DelGrosso
Frangas
Gerou
Kagan
Kefalas
Labuda
Roberts
Summers
Swalm
Benefield
Judd
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HCR10-1003
TIME: 01:32:41 PM
MOVED:Roberts
MOTION:Refer House Concurrent Resolution 10-1003, as amended, to the Committee on Appropriations. The motion passed on a 10-1 vote.
SECONDED:Kefalas
VOTE
DelGrosso
Yes
Frangas
Yes
Gerou
Yes
Kagan
Yes
Kefalas
Yes
Labuda
No
Roberts
Yes
Summers
Yes
Swalm
Yes
Benefield
Yes
Judd
Yes
Final YES: 10 NO: 1 EXC: 0 ABS: 0 FINAL ACTION: PASS