Date: 01/24/2013
Final
Discussion with Joint Budget Committee
COMMITTEE ON JOINT FINANCE
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10:05 AM -- Discussion with Joint Budget Committee
The committee was called to order. A quorum was present. Senator Johnston discussed the order of business for the day. Representative Crisanta Duran, Joint Budget Committee (JBC), gave an overview of the FY 2013-14 budget requests for the Departments of Revenue and Treasury, and the Public Employee's Retirement Fund (PERA). Representative Duran walked the committee through parts of the JBC FY 2013-14 Staff Budget Briefing Summary related to these agencies. The briefing summary is available on the JBC website.
10:15 AM
Representative Duran responded to a question from the committee about the timing of a final resolution for a lawsuit involving PERA. She explained that the case has been referred back to the district court. Senator Pat Steadman, chair, JBC, provided additional information about this topic. Representative Duran next responded to a question about various cost saving measures implemented by the departments. In response to a question about the potential for the state to collect sales tax on Internet sales, Senator Steadman said the JBC has not considered this issue. Discussion continued about COVERColorado, and about the sunset of the program. Representative Cheri Gerou, JBC, provided additional information about the transition of COVERColorado to the new healthcare exchange. Representative Duran responded to additional questions about the PERA rate of return and said the existing 8 percent rate is acceptable.
10:27 AM
Representative Gerou spoke about recent legislative changes to PERA actuarial rates. Committee discussion continued on the sustainability of PERA benefits for retirees. Senator Kent Lambert, JBC, spoke about the potential impact of adopting Government Accounting Standards Board (GASB) rules for PERA investments.