Senate Committee on Finance (01/31/2006)

Final
STAFF SUMMARY OF MEETING

SENATE COMMITTEE ON FINANCE

Date:	01/31/2006	ATTENDANCE

Time:	02:02 PM to 02:24 PM	Brophy	X
		Shaffer	X
Place:	SCR 354	Taylor	X
		Teck	X
This Meeting was called to order by		Tupa	*
	Senator Veiga	Veiga	X
		Sandoval	*
This Report was prepared by
	Jason Schrock
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
Conf 06-Colorado Housing and Finance Authority HB06-1033		Referred to the Senate Floor Referred to Appropriations

02:02 PM -- Confirmation for the Colorado Housing and Finance Authority (CHFA)

Senator Veiga, vice-chair, called the meeting to order. The appointees to the Colorado Housing and Finance Authority, Mr. Joel Rosenstein, Ms. Michele Dressel, Mr. Joseph Garcia, and Mr. Eric Moore, introduced themselves and discussed their backgrounds and qualifications to serve on the authority. (A copy of the Governor's appointment letter and resumes for these individuals is provided as Attachment A). Mr. Rosenstein indicated that the authority does not need to be improved and provides good leadership on the issue of affordable housing. He indicated that there is huge demand for affordable housing. Mr. Garcia discussed CHFA's efforts to improve its processes and make its products more accessible. He indicated that CHFA is one of the strongest housing authorities nationally. Mr. Moore and Ms. Dressel indicated that CHFA has experienced a lot of growth and that they are proud of its achievements.

In response to Senator Taylor, Ms. Dressel discussed efforts to provide affordable housing on the western slope. She discussed CHFA's business division's efforts to help create jobs and its housing division's efforts to provide homebuyer education and lower-cost loan programs. Senator Shaffer endorsed Mr. Rosenstein's qualifications to serve on the authority.


BILL:	Conf 06-CHFA
TIME:	02:13:04 PM
MOVED:	Taylor
MOTION:	Motion to refer the names of Ms. Dressel, Mr. Garcia, Mr. Rosenstein, and Mr. Moore to the floor of the Senate with favorable recommendation. The motion passed on a 6 - 0 vote.
SECONDED:
		VOTE
	Brophy	Yes
	Shaffer	Yes
	Taylor	Yes
	Teck	Yes
	Tupa	Yes
	Veiga	Yes
	Sandoval	Excused
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS

02:16 PM -- House Bill 06-1033

Senator Takis, prime sponsor, explained the provisions of SB 06-1033 which would change the timing of the allocation of the General Fund surplus to the Highway Users Tax Fund (HUTF) and the Capital Construction Fund (CCF). A summary of the bill was distributed to the committee (Attachment B). Currently, this allocation by the State Controller's Office is required to take place on July 1 following the end of the preceding fiscal year. This timing is impractical under current law because the State Controller's Office has not determined the final accounting for the previous fiscal year. Under this bill, on September 20, the State Controller will allocate 90 percent of the estimated General Fund surplus at that time to the HUTF and the CCF. Based on when the Comprehensive Annual Financial Report is complete, the State Controller will allocate amounts equal to the differences between the actual amounts required to be allocated and the amounts allocated on September 20.


BILL:	HB06-1033
TIME:	02:22:09 PM
MOVED:	Teck
MOTION:	Motion to refer HB06-1033 to the Committee on Appropriations. The motion passed on a 7 - 0 vote.
SECONDED:
		VOTE
	Brophy	Yes
	Shaffer	Yes
	Taylor	Yes
	Teck	Yes
	Tupa	Yes
	Veiga	Yes
	Sandoval	Yes
Final YES: 7 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

02:24 PM

The committee recessed.