NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

SCONC

 

DATE TYPED:

3/14/03

 

HB

 

 

SHORT TITLE:

State Treasurer Board Designees

 

SB

900

 

 

ANALYST:

Neel

 

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

 

 

 

 

NFI

See Narrative

 

 

 

 

 

 

 

(Parenthesis ( ) Indicate Revenue Decreases)

 

SOURCES OF INFORMATION

 

LFC files

 

Responses Received From

State Treasurer’s Office (STO)

 

No Response Received from

Education Retirement Board (ERB)

Public Employees Retirement Association (PERA)

 

SUMMARY

 

     Synopsis of Bill

 

Senate Bill 900 amends statute to allow the State Treasurer to appoint a designee to attend ERB and PERA meetings. 

 

     Significant Issues

 

According to STO, the Treasurer sits on ten boards and commissions.  Frequently there are scheduling conflicts especially during the legislative session.  For example, recently there were meetings with the PERA, the State Board of Finance, and an appointment to be heard before the House Urban and Governmental Affairs Committee.  All three of these meetings were scheduled for the same time.  These types of conflicts make it very difficult to provide the effectiveness, proper advice and participation that the boards and commissions merit from the State Treasurer.

 

OTHER SUBSTANTIVE ISSUES

 

The following was included in the LFC’s FY04 budget writeup:

 

“By statute the state treasurer serves on a number of boards where attendance is crucial for the success of the respective organization.  On the Educational Retirement Board (ERB), the state treasurer is the chief financial representative; where he only attended three of 11 ERB meetings from February 2001 to October 2002.  Similarly, the treasurer attended only four of 23 meetings of the Public Employee Retirement Association from February 2001 to August 2002.”

 

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