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Minutes for HB2419 - Committee on Appropriations
Short Title
State finances; transfers to and expenditures from the budget stabilization fund.
Minutes Content for Wed, Apr 5, 2017
Vice Chair Davis opened the hearing on the bill.
Jill Wolters, Office of the Revisor of Statutes, presented the bill brief (Attachment 4). The bill transfers to and expenditures from the budget stabilization fund, which was established during the 2016 Session. She reviewed the provisions of the bill and responded to questions from committee members regarding deposits and transfers to the account.
Stephen Bailey, Pew Charitable Trusts, presented testimony as a proponent of the bill (Attachment 5). He provided background information and reviewed a power point presentation. Emphasis was placed on developing a reserve policy framework that guides future savings for the state to address volatile revenue sources, increases reserves for future economic downturns, promotes structural balance and mitigates revenue forecast errors. Also,the fund would establish clear withdrawal rules based on revenue fluctuations.
Chairman Waymaster asked committee members to reserve April 24 and April 25, 2017 as tentative dates for working the Omnibus bill. A bus trip has been scheduled for House Appropriations and Senate Ways and Means committee members to tour Osawatomie State Hospital and Lansing Correctional Facility on April 26, with departure from the Capitol at 8:30 a.m.
Meeting adjourned at: 9:55 a.m.
