Date: 03/22/2012
Final
Presentation on Unspent COP Proceeds
COMMITTEE ON CAPITAL DEVELOPMENT
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08:33 AM -- Presentation on Unspent Certificates of Participation (COP) Proceeds
Mr. Brett Johnson, Deputy Treasurer, State Treasurer's Office, made a presentation about unspent proceeds from the sale of certificates of participation (COP). Mr. Johnson provided background on the accounting procedures associated with the COPs, and explained that some higher education projects funded by the COPs have come in under budget, resulting in additional COP moneys being available. He outlined options for using the unspent moneys. Mr. Johnson responded to questions regarding the amount of COP savings to be realized, and the potential for realizing additional COP savings in the future. Mr. Johnson responded to questions about Federal Mineral Lease (FML) revenues available for higher education capital construction projects.
08:43 AM
Mr. Erick Scheminske, Deputy Director, Office of State Planning and Budgeting (OSPB), and Mr. Dan Krug, Director of Assets and Compliance, Colorado Commission on Higher Education (CCHE), provided input on the positions of their respective institutions concerning the use of unspent COP proceeds. Mr. Scheminske provided input on the availability of FML revenues for higher education capital construction projects. Ms. Kori Donaldson, Legislative Council Staff, provided input on the funding streams for FML capital revenues. Mr. Krug explained the position of CCHE on the use of unspent COP moneys, and responded to questions regarding forthcoming action to be taken by CCHE on the issue. Mr. Johnson discussed the actions that could be taken by the committee with regard to using the unspent COP moneys. Discussion ensued regarding the committee's spending options. Ms. Donaldson provided input on transfers of FML revenues to the General Fund. Discussion returned to CCHE's position on using unspent COP moneys. Mr. Johnson responded to questions regarding the time frame for calculating the amount of unspent COP moneys, and the projects that have resulted in COP savings.
08:54 AM
Discussion ensued regarding the committee's future meeting schedule.
08:54 AM
The committee adjourned.