STAFF SUMMARY OF MEETING
SENATE COMMITTEE ON BUSINESS, LABOR AND TECHNOLOGY
|Time:||01:36 PM to 01:46 PM|
|This Meeting was called to order by|
|This Report was prepared by|
X = Present, E = Excused, A = Absent, * = Present after roll call
|Bills Addressed: ||Action Taken:|
|HB09-1363||Referred to the Committee of the Whole|
01:36 PM -- House Bill 09-1363
Senator Veiga presented House Bill 09-1363. The bill establishes the Unemployment Compensation Section in the Department of Labor and Employment as an enterprise as long as the section retains authority to issue revenue bonds and receives less than 10 percent of its total annual revenue from state and local grants. As an enterprise, revenue collected by the section will not be subject to Section 20 of Article X (TABOR) of the state constitution. Employers are required to pay premiums, premium surcharges, and a solvency surcharge, when applicable, instead of taxes, to fund the unemployment compensation benefit system. Senator Veiga explained the bill and responded to questions from Senator Harvey. She distributed a table illustrating the Unemployment Trust Fund (UI Trust Fund) forecast as of March 2009 (Attachment A).
The following individual testified regarding the bill:
01:38 PM -- Wayne Peel, Chief Financial Officer, Colorado Department of Labor and Employment, testified in favor of the bill. He addressed Senator Harvey's questions and discussed the funding sources for the Unemployment Compensation Section of the department and the UI Trust Fund. Mr. Peel said the bill will ensure that the UI Trust Fund will not interact with the state's General Fund. Mr. Peel responded to questions from Senator Foster and Senator Scheffel regarding the effect of the bill on the UI program and TABOR refunds. Discussion continued among the members of the committee.
|TIME: || 01:45:52 PM|
|MOTION:||Moved to refer House Bill 09-1363 to the Committee of the Whole. The motion passed on a 6-0 roll call vote, with one member excused. |
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS
The committee adjourned.