Date: 04/19/2012

Final
BILL SUMMARY for SB12-168

HOUSE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer Senate Bill 12-168 to the Committee on ApproPASS



09:37 AM -- Senate Bill 12-168 - Concerning Transfers Triggered by Personal Income

Representative Gerou, prime sponsor, explained that Senate Bill 12-168 changes the timing for the trigger on increases in the General Fund reserve and transfers from the General Fund to transportation and capital construction required by Senate Bill 09-228. In particular, the bill postpones the onset of these General Fund obligations by one year relative to current law. The committee briefly discussed the history of Senate Bill 09-228.

The following person testified:

 09:43 AM -- Mr. Ed DeCecco, Office of Legislative Legal Services, responded to committee questions and discussed the provisions of Senate Bill 09-228. He noted that Senate Bill 09-228 requires increases in the General Fund reserve and transfers from the General Fund to transportation and capital construction funds. The transfers and increases in the General Fund reserve are triggered once Colorado personal income increases by at least five percent. Once the trigger is met, the transfers continue for a five-year period regardless of personal income growth during the time period. Mr. DeCecco closed by saying that if 2012 were the first year in which personal income increased by at least five percent, the reserve increases and transfers would be required beginning in FY 2012-13. Under the bill, these increases would not be triggered until the following fiscal year, FY 2013-14.

The committee discussed the delay in the transfers under Senate Bill 12-168 and took the following action.
BILL:SB12-168
TIME: 09:44:36 AM
MOVED:Pabon
MOTION:Refer Senate Bill 12-168 to the Committee on Appropriations. The motion passed on a vote of 12-0, with 1 member excused.
SECONDED:Labuda
VOTE
Acree
Yes
Beezley
Yes
Conti
Yes
Holbert
Yes
Hullinghorst
Yes
Kagan
Yes
Kefalas
Excused
Labuda
Yes
McCann
Yes
Pabon
Yes
Swalm
Yes
Swerdfeger
Yes
DelGrosso
Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS