Date: 01/17/2006
Final
OSPB Overview of FY 2006-07 Recommendations
COMMITTEE ON CAPITAL DEVELOPMENT
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07:36 AM
The committee came to order. A quorum was present.
07:37 AM -- Office of State Planning and Budgeting, Overview of Recommendations for FY 2006-07 Projects
Mr. Henry Sobanet, Director, Office of State Planning and Budgeting (OSPB), provided a general overview of the office's recommendations for FY 2006-07 capital projects. Mr. Sobanet related some background regarding the state budget as it pertains to capital development and discussed OSPB's priorities. In response to questions from the committee, Mr. Sobanet clarified the dollar figures in the overview and explained reasons for descrepancies in revenue forecasts between OSPB and other state agencies. In response to further questions, Mr. Sobanet clarified OSPB's position on including higher education projects in its recommendations. During this round of questioning, a discussion ensued regarding the potential for further funds becoming available for capital projects.
07:53 AM
Next, Mr. Sobanet reviewed OSPB's priorities for capital projects. A discussion ensued regarding the Department of Revenue's request to overhaul its tax system. Mr. Sobanet next referenced a memorandum addressed to the Governor regarding financing alternatives for a new forensics facility at the Colorado Mental Health Institute at Pueblo (CMHIP), copies of which were provided to the committee (Attachment A). The committee discussed these financing alternatives with Mr. Sobanet, including the use of Certificates of Participation (COPs) and other debt instruments, both generally and with regard to the CMHIP project. Mr. Sobanet responded to questions regarding the future use of these COPs.
08:14 AM
Mr. Sobanet concluded his remarks, and responded to a further question regarding the financing of the CMHIP project.