Date: 02/09/2009

Final
BILL SUMMARY for SB09-037

SENATE COMMITTEE ON STATE, VETERANS & MILITARY AFFAIRS

Votes: View--> Action Taken:
Moved a prepared amendment to Senate Bill 09-037,
Moved that Senate Bill 09-037 be referred to the C		Pass Without Objection
PASS


04:41 PM -- Senate Bill 09-037

Senator Kopp, prime sponsor, presented Senate Bill 09-037, concerning funding for certain worker's compensation funds.

The following persons testified in regard to Senate Bill 9-037:

04:53 PM -- Cary Kennedy, State Treasurer, commented on the balances in the Major Medical Fund and the Subsequent Injury Fund. She said that Senate Bill 09-037 may result in a future forced sale of securities and a corresponding loss of capital.

05:07 PM -- Henry Sobanet, representing the Denver Metro Chamber of Commerce, supported Senate Bill 09-037.

05:11 PM -- Richard Giles, representing the Worker's Compensation Coalition of Colorado, supported Senate Bill 09-037, and asked that this "tax be eliminated."

 05:14 PM -- John Berry, representing the Worker's Compensation Coalition of Colorado, said that, in 2002, $170 million was taken from these funds just before the funds were about to be determined actuarially sound. He supported Senate Bill 09-037.

05:17 PM -- Dennis Jakubowski, representing the Associated General Contractors of Colorado, supported Senate Bill 9-037.

05:18 PM -- Loren Furman, representing the Colorado Association of Commerce and Industry, commented on the deterioration of the Colorado economy and said that Senate Bill 09-037 will relieve a burden on industry in the state.

05:20 PM -- Sandra Solin, representing the Northern Colorado Business Alliance, commented on the impact of these assessments on business.

05:24 PM -- Tony Gagliardi, representing the National Federation of Independent Business, said that small business are at "the lowest point of optimism" that has occurred in the last 35 years. He said that many small businesses are laying off employees and need assistance.

05:28 PM -- Henry Sobanet, said that proposed amendment L.002 (Attachment D) would render the program "cash-in cash-out." He said that the amendment would permit proposed transfers from these funds to meet the state's current budget crisis to proceed.

05:33 PM -- Cary Kennedy, State Treasurer, expressed concern with the impact of the proposed amendment on the TABOR (Taxpayer's Bill of Rights) reserve requirement.
BILL:SB09-037
TIME: 05:36:55 PM
MOVED:Cadman
MOTION:Moved a prepared amendment to Senate Bill 09-037, L.002 (Attachment D.) The motion passed without objection.
SECONDED:
VOTE
Boyd
Cadman
Schultheis
Bacon
Williams
Not Final YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
BILL:SB09-037
TIME: 05:37:44 PM
MOVED:Cadman
MOTION:Moved that Senate Bill 09-037 be referred to the Committee on Appropriations, as amended. The motion passed on a 5-5-0 roll call vote.
SECONDED:
VOTE
Boyd
Yes
Cadman
Yes
Schultheis
Yes
Bacon
Yes
Williams
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

05:38 PM

The committee meeting adjourned.