Bill Summary for Bill Number HCR05-1004

Final
SUMMARY for HCR05-1004

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

Moved amendment L.001 (technical amendment). The
Moved to lay over HCR 05-1004 to May 12, 2005. Th
Refer HCR 05-1004 to the Committee on Appropriatio

Pass Without Objection
PASS
FAIL

04:57 PM -- House Concurrent Resolution 05-1004 - Concerning the Colorado Reserve Fund

Representative May, prime sponsor, explained the provisions of the resolution and distributed amendment L.001 (Attachment L), a summary of talking points on the resolution (Attachment M), and a Legislative Council Staff General Fund Overview table (Attachment N) to committee members. The committee discussed each of the handouts and Mr. Ben Stein, Deputy State Treasurer, was asked to provide testimony on the resolution.

The following person testified:

04:58 PM -- Mr. Ben Stein, Deputy State Treasurer, testified in support of the legislation and explained that the resolution creates a Colorado Reserve Fund that would act as a rainy day fund for the state. Mr. Stein commented that the fund would be funded with future tobacco settlement moneys (estimated at $970 million). The General Assembly would be allowed to transfer moneys from the Colorado Reserve Fund to the General Fund for the purpose of increasing the TABOR revenue limit and increasing General Fund spending up to the 6 percent appropriations limit in FY 2005-06 and FY 2006-07.


BILL:	HCR 05-1004
TIME:	05:06:41 PM
MOVED:	May M.
MOTION:	Moved amendment L.001 (technical amendment). The motion passed without objection by those members present.
SECONDED:	Frangas
		VOTE
	Benefield
	Cloer
	Crane
	Frangas
	Garcia
	Jahn
	Marshall
	Massey
	May M.
	McCluskey
	Witwer
	Judd
	Vigil
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HCR 05-1004
TIME:	05:07:37 PM
MOVED:	May M.
MOTION:	Refer HCR 05-1004 to the Committee on Appropriations. The motion failed on a 9-4-0 vote.
SECONDED:	Crane
		VOTE
	Benefield	No
	Cloer	No
	Crane	Yes
	Frangas	No
	Garcia	No
	Jahn	No
	Marshall	No
	Massey	Yes
	May M.	Yes
	McCluskey	Yes
	Witwer	No
	Judd	No
	Vigil	No
Not Final YES: 4 NO: 9 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:	HCR 05-1004
TIME:	05:12:10 PM
MOVED:	Cloer
MOTION:	Moved to lay over HCR 05-1004 to May 12, 2005. The motion passed on a 9-4-0 vote.
SECONDED:	Frangas
		VOTE
	Benefield	Yes
	Cloer	Yes
	Crane	No
	Frangas	Yes
	Garcia	Yes
	Jahn	Yes
	Marshall	Yes
	Massey	No
	May M.	No
	McCluskey	No
	Witwer	Yes
	Judd	Yes
	Vigil	Yes
Final YES: 9 NO: 4 EXC: 0 ABS: 0 FINAL ACTION: PASS