Bill Summary for Bill Number Presentation on the Long Bill --- Department of Treasury

Date: 03/29/2010

Final
Presentation on the Long Bill --- Department of Treasury

HOUSE COMMITTEE ON FINANCE

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11:41 AM -- Presentation on the Long Bill - Department of Treasury

Representative Ferrandino, continued by going over the Department of Treasury budget and discussed upcoming legislation that would suspend the senior property tax exemption for another year in 2010. He noted that the narrative reflects a $92.4 million increase in payments to local governments to offset local property tax revenue that will be foregone for tax year 2010 due to the resumption of the senior citizen property tax exemption.

The committee discussed the narrative and whether the budget is balanced for FY 2010-11. Rep. Ferrandino responded by saying that with a four percent reserve, there is a small surplus of revenue. Representative Ferrandino continued by discussing the LCS revenue forecast. The committee discussed the preservation of the senior homestead exemption.

The committee closed by briefly discussing the Unclaimed Property Fund and the money that is used to fund Cover Colorado.

11:49 AM

Adjourn.