Tuesday, February 9, 2010

Finance committee discuss cash flow, bonds

Yesterday at the Capitol

The House Finance and Ways and Means committees held a joint hearing yesterday to hear an update on the state's cash flow situation. Katherine Kardell, assistant commissioner for treasury and debt management at Minnesota Management and Budget, said enactment of an early bonding bill during the legislative session could have a "debilitating effect on the state’s cash flow position."

Kardell explained that the state cannot sell bonds without fully disclosing its financial condition. Because the state doesn’t typically sell bonds during session, she said funding new projects might require the state to borrow from the general fund. The state is already facing cash flow shortages, and though the general fund would be paid back once the bonds were sold, the short-term effect would be to exacerbate the cash flow problem, she said.

Rep. Alice Hausman, DFL-St. Paul, chair of the House Capital Investment committee and author of the House bonding bill, questioned whether selling bonds during session would actually be a problem. She recalled a sale occurring last January. Kardell acknowledged that the state did have a bond sale in January 2009, but said it was an "extraordinary event."

Today at the Capitol


8:30 AM
House K-12 Education Policy and Oversight
Room: Basement State Office Building
Chair: Rep. Carlos Mariani
Agenda: Committee member 2010 K-12 policy priorities
Testimony from education groups on 2010 K-12 policy recommendations. Those interested in testifying should contact Christina Gosack, Committee Administrator, at 651-296-5524.

9:00 AM
Legislative Audit Commission
Room: 107 State Capitol
Chairs: Rep. Michael Beard, Sen. Ann Rest
Agenda: OLA Report: MnSCU Central Office-Joel Alter

10:30 AM
House Joint Committee: Bioscience and Workforce Development Policy and Oversight Division
Room: 200 State Office Building
Chairs: Rep. Ann Lenczewski, Rep. Tim Mahoney
Agenda: HFXXX (Davnie) Angel Investor Credit
HF1136 (Lenczewski) Governor's Angel Investor credit portion only.
HF1194 (Downey) Angel Investor credit portion only
HF2580 (Lenczewski) Angel investment grant provided, phase-in of single sales apportionment delayed, and money appropriated

10:30 AM (televised live)
Senate in Session
Bonding bill

12:30 PM (webcast live)
Senate Higher Education Budget and Policy Division
Room: 123 Capitol
Chair: Sen. Sandy Pappas
Agenda: OLA evaluation report, MnSCU System Office.
OHE: College-going Rates of Minnesota High School Students and Fall 2009 Enrollment-Mark Misukanis and Alexandra Djurovich

1:00 PM (webcast live)
House Higher Education and Work Force Development Policy and Finance Division
Room: 5 State Office Building
Chair: Rep. Tom Rukavina
Agenda: Unemployment Insurance - recipient problems
DEED response; UI figures and procedures - Commissioner Dan McElroy

2:45 PM (televised and webcast live)
House Capital Investment
Room: 200 State Office Building
Chair: Rep. Alice Hausman
Agenda:
HFXXXX - Omnibus Bonding Bill (Hausman) (The bill will be introduced, assigned a file number and available on Thursday, Feb. 4. Amendments are needed by 2:45 pm on Monday, Feb. 8).
HF2590 (Hausman) Appropriation and bond authorization for capital investment projects procedures clarified

2:45 PM
House K-12 Finance Division
Room: 10 State Office Building
Chair: Rep. Mindy Greiling
Agenda: Office of Legislative Auditor evaluation report on Alternative Learning Programs

2:45 PM
House State Government Finance Division
Room: 5 State Office Building
Chair: Rep. Phyllis Kahn
Agenda: updates on: SWIFT (formerly MAPS) and MMB's efforts to make ARRA disbursements transparent

3:00 PM (webcast live)
Senate Agriculture and Veterans
Room: 107 Capitol
Chair: Sen. Jim Vickerman
Agenda:
Minnesota Department of Military Affairs Brief; Major General Larry Shellito, Colonel Eric Ahlness. Minnesota Department of Veterans Affairs Reports; Higher Education Veterans Program, 2010 Construction Project Priority Listing, Minnesota Veterans Home Siting, Veterans Cemetery Siting and Medicare Funding at Minnesota Veterans Homes.

Looking Ahead
Wednesday, February 10


6:30 PM
House Finance
Room: 200 State Office Building
Chair: Rep. Lyndon Carlson
Agenda: HF2700 (Hausman) Omnibus capital investment bill.
HF2680 (E. Murphy) Mental health urgent care and consultation services established, general assistance medical care program modified, and money appropriated.

Thursday, February 11
8:30 AM
House State and Local Government Operations Reform, Technology and Elections
Room: 200 State Office Building
Chair: Rep. Gene Pelowski
Agenda: Overview on the financial status of the retirement systems of Minnesota: Public Employees Retirement Association, Minnesota State Retirement System, Teachers Retirement Association.

8:30 AM
House K-12 Education Policy and Oversight
Room: Basement State Office Building
Chair: Rep. Carlos Mariani
Agenda: SciMathMN briefing: Lessons from Minnesota Trends in International Math and Science Study (TIMSS) Science results - Dr. Bill Schmidt, Michigan State University
Closing the achievement gap in math and science education - Dr. Natalie Rasmussen, teacher, Minneapolis North Community High School
HF2360 (Davnie) Minneapolis; Special School District No. 1; Two member appointment provided on the Minneapolis reapportionment commission, and standards established.

10:30 AM
House in Session

11:00 AM
Governor’s State of the State

10:30 AM
Meeting Time Note: half hour after session
House Ways and Means
Room: 200 State Office Building
Chair: Rep. Loren Solberg
Agenda:
HF2700 (Hausman) Bonding bill; providing capital improvement funding, new programs established and existing programs modified, previous appropriations canceled and modified, bonds issued, and money appropriated.

1:00 PM
House Higher Education and Work Force Development Policy and Finance Division
Room: 5 State Office Building
Chair: Rep. Tom Rukavina
Agenda: Fiscal condition of state financial aid programs
David Metzen, Director of the Office of Higher Education

Friday, February 12

10:30 AM
House in Session

Monday, February 15

10:30 AM
House Ways & Means and Finance
Room: 200 State Office Building
Chair: Rep. Loren Solberg and Rep Lyndon Carlson
Agenda: Governor’s supplemental budget

1:00 PM
House in Session

Tuesday, February 16

12:30 PM
Senate Higher Education Budget and Policy Division
Room: 123 Capitol
Chair: Sen. Sandra L. Pappas
Agenda:
State Grant Shortfall
Achieve Program

7:00 PM
Legislative Commission on Pensions and Retirement
Room: 107 Capitol
Chair: Sen Betzold
Agenda: One-person/small group legislation:
SF1374/HF1569 - PERA-P&F; Joint and survivor annuity for the divorced spouse of a deceased retiree who elected a single life annuity.
SFXX/HF2550 - MSRS/MnSCU/TRA; Permitting the repayment of certain member contribution refunds; authorizing a second chance option to elect TRA retirement plan benefit coverage; mandating certain contributions.
SFXX/HFXX - PERA; Authorizing a late disability benefit application in certain cases.
SFXX/HFXX - SPTRFA; Service credit purchase for uncredited prior teaching service
SFXX/HFXX - PERA-P&F; Revise Social Security leveling option to single-life annuity.
SFXX/HFXX - PERA; Purchase of prior service credit for a period of omitted member deductions for certain Inver Grove Heights public school employees.
SFXX/HFXX - TRA; Alternative retirement annuity computation for former Red Lake Senior High School principal.

Wednesday, February 17


10:30 AM
House Bioscience and Workforce Development
Room: 200 State Office Building
Chair: Rep. Tim Mahoney
Agenda: Office of the Legislative Auditor report: Workforce Programs

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