House Committee on Finance (04/10/2012)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON FINANCE

Date:	04/10/2012	ATTENDANCE

Time:	01:35 PM to 02:11 PM	Acree	X
		Beezley	X
Place:	SupCt	Conti	X
		Holbert	X
This Meeting was called to order by		Hullinghorst	X
	Representative DelGrosso	Kagan	X
		Kefalas	X
This Report was prepared by		Labuda	X
	Ron Kirk	McCann	X
		Pabon	X
		Swalm	X
		Swerdfeger	X
		DelGrosso	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
Presentation by the Joint Budget Committee on the FY 2012-13 Long Bill		Committee Discussion

01:35 PM -- Presentation by the Joint Budget Committee on the FY 2012-13 Long Bill

Representative Gerou, Chair of the Joint Budget Committee (JBC), began by discussing an overview of the total state budget for the General Fund (Attachment A). She noted that about $8.0 billion was available for total General Fund revenue and obligations were about $7.7 billion. Representative Gerou continued by noting the recent changes in state revenue and the money that would be allocated to state agencies.

The committee discussion shifted to the Colorado Department of Revenue and the topic of gaming tax revenue. Representative Gerou responded by noting that the Legislative Council Staff gaming forecast was reduced for FY 2011-12 and will increase in subsequent years. The committee briefly discussed the gaming tax distribution for the current budget year.

Representative Gerou continued by noting the highlights in the Long Bill. She noted that the Department of Revenue's driver's license mailing expenses have increased and as a result, an additional $390,000 was appropriated in the Long Bill. The committee continued to discuss department expenses.

Representative Levy began by discussing the $1.6 million General Fund reduction to adjust for the recent March 2012 economic forecast for the Cigarette Tax Rebate and the Old Age Heat and Fuel and Property Tax Assistance Grants. The committee briefly discussed the expenditures related to the grant program.

The discussion shifted to the Department of Treasury's budget and the General Fund increase for FY 2011-12. Representative Levy briefly discussed the $96.8 million reimbursement for the Senior Homestead Exemption and the money transferred from the Unclaimed Property Trust Fund to CoverColorado. The committee briefly discussed the department's budget and closed with a discussion on the Unclaimed Property Program.

02:11 PM

The committee adjourned.