Final
STAFF SUMMARY OF MEETING

COMMITTEE ON JOINT EDUCATION

Date:02/15/2006
ATTENDANCE
Time:07:41 AM to 08:13 AM
Bacon
Benefield
Place:HCR 0107
Evans
Jones
This Meeting was called to order by
King
Senator Windels
Larson
Massey
This Report was prepared by
McKinley
Jennifer Thomsen
Paccione
Penry
Pommer
Rose
Solano
Spence
Todd
Tupa
White
Williams
Merrifield
Windels
X = Present, E = Excused, A = Absent, * = Present after roll call
Bills Addressed: Action Taken:
State Land Board - Britt Weygandt-

07:41 AM

Britt Weygandt, Director, State Board of Land Commissioners, introduced herself to the committee. Ms. Weygandt provided a handout to the committee regarding the investment and development fund (Attachment A), in addition, she described trading cards she brought that highlight state lands. She read the state constitutional language pertaining to state lands. She said state lands are an incredible legacy for Colorado's school children.

07:44 AM

Ms. Weygandt described the structure of the State Board of Land Commissioners, noting that state school lands are the bulk of the lands managed by the board. She described revenues of the trust in the past year, talking about mineral, surface, and commercial revenues to the trust. She told the committee that there are district offices in each of six regions throughout the state.

07:47 AM

Ms. Weygandt continued, describing the investment and development fund. She referred the committee to her handout in describing various School Trust projects. She spoke to audits of mineral royalties. She noted a land value enhancement of $23.1 million.



07:51 AM

Ms. Weygandt responded to a question from Representative King regarding whether the board works with school districts. She described various projects the board has worked on with school districts. Representative King posed follow-up questions regarding how the market value of the land is assessed and whether land swaps are ever used, to which Ms. Weygandt responded. She told the committee about the property at Lowry as an additional response to Representative King's questions.

07:55 AM

Ms. Weygandt responded to a question from Senator Windels regarding whether additional FTE were authorized by Senate Bill 05-196. She said additional FTE have not yet been brought on board, but that the authority to hire would be used in the future. Senator Bacon asked about the Mason Street building remodel, outlined in the handout. She said that the building was received in a land exchange and described the opportunities for leasing the building. Representative McKinley asked about the Riverside Ditch Parcel. Ms. Weygandt responded, noting that the board had purchased the water rights from the previous leasee.

08:01 AM

Ms. Weygandt responded to a question from Representative King regarding the number of water rights owned by the board. She noted that she hopes to hire a person with water rights expertise. She said water rights are not managed as an asset portfolio at this time. She responded to follow-up questions on water rights from Representative King.

08:05 AM

Ms. Weygandt responded to a question from Senator Windels regarding interest income on school lands. She said the permanent fund's income in interest is $19 to $21 million per year. She said that as the state budget was squeezed, the interest was spent each year along with the income on the lands. She said the goal is to not spend that interest income, rather to reinvest it. Senator Windels asked follow-up questions regarding the interest, to which Ms. Weygandt responded. Representative Benefield asked Ms. Weygandt about the management of the mineral rights of school lands. Ms. Weygandt said there are a number of properties where the board owns the mineral rights, but does not own the surface land, and, conversely, where the board owns the surface land, but not the mineral rights. Ms. Weygandt responded to follow-up questions from Representative Benefield regarding mineral rights.


08:11 AM

Senator Windels asked about reports to the General Assembly from the State Land Board, to which Ms. Weygandt responded, noting that the handout she provided was the first report. She responded to a question from Representative King.

08:12 AM

Senator Windels thanked Ms. Weygandt for coming. The committee adjourned.