Transcript Highlights:

• And finally, I'll share some quantitative risk analysis.
• And looking at that same stochastic analysis, only 100 of our same...
• And the analysis that we are looking at is essentially roughly a 50%...
• Once that comes in, then we can start doing the analysis of that data.
• We'll look at the cost analysis in detail.

Keywords: 904, all

Summary: The Select Committee on Pension Policy approved its minutes by roll call vote, then postponed an OSA annual update due to a family emergency. The committee received an Open Public Meetings Act refresher from Assistant Attorney General Kate Adams, who reviewed key compliance points including quorum and serial meetings, notice and agenda rules, executive session limits, public comment requirements, and the consequences of violations. She also noted a litigation hold notice sent to members and provided resources for further guidance. Staff then briefed the committee on E2 Second Substitute House Bill 2034, which restates and terminates LEOFF 1 on June 30, 2029, creates a restated LEOFF 1 funded by transferred assets, and places excess assets into a pension surplus holding account that could later be used by the state. The bill requires DRS to seek IRS guidance, directs OSA to calculate the transfer amount and assess any future unfunded liability, assigns implementation duties to DRS, OSA, the Pension Funding Council, the State Investment Board, and the Treasurer, and requires two SCPP studies on LEOFF 1 medical benefits and policy oversight. OSA’s actuary estimated the transfer to the surplus holding account at about $3.9 billion under current assumptions and said the bill increases the modeled chance of future state contributions if the restated plan falls below 100% funded; members asked about IRS timing, the 2029 transfer date, and whether the 110% buffer is sufficient. The committee also received an update on the LEOFF 1 medical benefits study required by the bill. Staff said the study will examine the administration of pension boards and medical liabilities, likely focusing on medical benefits, and will gather anonymized data from local boards, cities, counties, and related agencies over the next three years. Members and public commenters discussed the number and structure of local boards, whether spouses receive medical benefits, and the possibility of regionalizing or consolidating administration. No action was taken, but staff said they would return with milestones and further updates. Finally, staff outlined a possible Plan 3 study, prompted by DRS, to evaluate whether the original goals of Plan 3 have been met after 30 years. The proposed study would review historical context, member choice outcomes, policy questions, and possible recommendations over a two-year period. The committee also heard an update on new correspondence procedures, including a new online web form, a correspondence log in meeting packets, and removal of correspondence from the public website. During public comment, retiree groups urged the committee to pursue an ongoing COLA for PERS and TRS Plan 1, with interim ad hoc COLAs until then, while LEOFF 1 retirees urged caution about changing the current board structure and emphasized the complexity of medical benefit administration.

Transcript Highlights:

• I would also say we've done a lot of analysis of whether this is unusual to have a 2 to 3% budget.
• I would also say we've done a lot of analysis of whether this is unusual to have a 2 to 3% budget.
• I would also say we've done a lot of analysis of whether this is unusual to have a 2 to 3% budget.
• I would also say we've done a lot of analysis of whether this is unusual to have a 2 to 3% budget.
• I would also say we've done a lot of analysis of whether this is unusual to have a 2 to 3% budget.

Keywords: 1183, house

Transcript Highlights:

• , not on budget.
• , not on budget.
• that budget.
• that budget.
• that budget.

Keywords: 912, senate, all

Summary: The committee met on February 4, 2025, for decision making on previously heard measures, then later held hearings on additional bills. Early action focused on several measures that were amended and advanced, including SB 161 on state project exemptions from county permitting, which was heavily revised to allow programmatic or project-specific agreements with counties, require public reporting of exempted projects, and create a working group to study broader permitting and construction coordination issues. The committee also advanced SB 635 on energy efficiency with changes shifting survey leadership to the Hawaii State Energy Office, SB 700 on resilience hubs after narrowing it to focus on emergency-service-capable hubs and removing distributed energy language, SB 869 on community outreach boards with a technical amendment, SB 1081 on a legislative budget office by converting it to a feasibility study, SB 711 on gubernatorial appointments with a salary threshold change, SB 405 on neighborhood board agendas with a committee-report note about OIP concerns, SB 381 with privacy issues deferred to Judiciary, SB 2 as a two-year pilot for fruit tree planting in selected districts, SB 239 on disaster preparedness with sheltering revisions, and SB 998 as introduced with a cost estimate for site selection work. Several measures were deferred or not advanced, including SB 615, which was deferred indefinitely, SB 1132, which the chair said would be set aside in favor of another childcare bill, and SB 111, which was not taken up further because of confusion during an earlier hearing. During the later hearing portion, SB 1175 on procurement drew testimony from the State Procurement Office, which supported the bill but corrected its estimated database revision cost from $7,500 to $30,000; the Department of Transportation also appeared, while the General Contractors Association submitted opposition. Committee members questioned whether the past-performance database should include more detailed quality information and whether a one-year post-completion review would be useful, but no amendment was adopted at that time. SB 1587 on retainage received written support from the Subcontractors Association of Hawaii and no opposition in the room. SB 1543 on government accountability, which would require justification for outside consultants and cap consultant spending, drew opposition from the American Council of Engineering Companies of Hawaii, which argued it could slow procurement, reduce flexibility, and worsen delays given existing vacancies and limited in-house expertise. The Public First Law Center supported the related transparency bill discussed in the hearing, arguing it would close a loophole by making contractor-created records used in government functions subject to disclosure under UIPA, while the Attorney General’s office opposed it. The transcript ends with that testimony still underway, and no final vote is shown for the later hearing bills.

Transcript Highlights:

• No regulatory analysis was required.
• I kind of think that could add some cost to the budget.
• This was not required for a regulatory analysis.
• Regulatory analysis and fiscal note were prepared.
• Regulatory analysis and fiscal note were prepared.

Summary: The Administrative Rules Committee met on June 11 and first approved the March 12, 2026 minutes by voice vote. It then granted the Board of Medicine an extension of time to implement rules tied to recent legislation, including North Dakota’s participation in the physician assistant licensure compact and a new physician nutrition continuing education requirement. The Board said it was waiting on compact rules and fee information before finalizing its own changes. The committee heard a lengthy presentation from the Office of Management and Budget on broad personnel rule revisions, including salary administration, recruitment, leave, sick leave, funeral leave, service awards, appeals, and shared leave. OMB said the changes modernize HR language and implement recent legislation such as enhanced annual leave for hard-to-fill positions and new hire leave. Members questioned the hard-to-fill leave provisions, but OMB and counsel said those standards come from statute, not the rules. The committee also heard and accepted rule packages from the Lottery, the Board of Examiners for Audiology and Speech-Language Pathology, the State Electrical Board, the Industrial Commission, PERS, and Health and Human Services, with each agency describing mostly technical, clarifying, or statutory-conforming changes and noting the public notice and comment process. The most significant action came during the Gaming Commission rules presentation. After questioning whether the commission had authority to raise the poker tournament buy-in limit from $300 to $1,500, members moved to void Section 99-01.3-09-01 on the ground that the agency lacked statutory authority for that change. The motion passed on a roll call vote. The committee also discussed several gaming-related issues, including online raffles, kiosk use, advertising restrictions, and the broader policy question of whether charities should be allowed to own bars, but took no further formal action on those topics.

Transcript Highlights:

• So 53% of the budget 47% of our budget.
• general fund budget to CIP budget. general fund budget to CIP budget.
• budget. So K. budget. So K.
• , CIP budget, as well as our repair and maintenance budget.
• , CIP budget, as well as our repair and maintenance budget.

Keywords: 910, house, all

Transcript Highlights:

• It wouldn't be a budget from the government.
• I was alluding to the Mexico budget because it's not dealing with the Mexico budget government.
• But we are, we are, this is a budget.
• cycle, and who knows what happens in a budget?
• , and data. with other systems, not taking into account through an equity analysis and data analysis,

Summary: The Assembly Higher Education Committee met with a quorum and first approved a consent calendar containing AB 341, AB 1098, and AB 1316, sending those measures to the Human Services, Judiciary, and Appropriations Committees respectively. The committee then heard AB 977, which would require CSU to audit surplus land and work with California tribes to identify three regional burial sites for Native American remains that cannot yet be repatriated. Supporters, including tribal leaders and archaeology groups, said the bill is needed to honor ancestors and address the large number of remains still held by CSU; CSU said it is committed to repatriation but had no formal position. The bill passed to Appropriations on a 5-0 vote. Members also heard AB 1093, creating a California-Mexico higher education exchange program, and AB 1035, expanding the California College Promise to cover tuition for students pursuing community college bachelor’s degrees. AB 1093 drew support for strengthening cross-border educational and economic ties, but some members raised concerns about border-region sewage problems and the bill’s budget implications; it was held for later consideration. AB 1035 received strong support from community college leaders and faculty who said it would help low-income and first-generation students complete workforce-focused bachelor’s degrees, but several members questioned whether it would stretch Prop. 98 funding and whether the state should prioritize broader affordability concerns. AB 1035 passed to Appropriations on a 3-2 vote. The committee next approved AB 922, which would let the University of California keep access to federal criminal-history information for hiring background checks, avoiding delays and added costs if statutory authority is required. UC said the bill is needed to maintain safety and hiring operations, and it passed to Public Safety on a 5-0 vote. AB 1346, protecting military dependents from losing in-state residency status because of family travel, also passed unanimously to Military and Veterans Affairs. AB 1212, allowing UC to use low-income housing tax credits to build affordable housing for faculty and staff on UC land, drew support from UC and labor groups but opposition from members concerned about preferential access to public resources; it was held for later action. Finally, the committee approved AB 500 and AB 684, both aimed at increasing transparency around UC admissions policy changes and UC BOARS decision-making, sending AB 500 to Education and AB 684 to Governmental Organization, each on 5-0 votes. The hearing then moved on to AB 1122 on dual enrollment, with the author and witnesses presenting the bill as a way to expand college access for high school students.

Transcript Highlights:

• So let me go through the budget. Just a couple of comments about the budget.
• So, that's a little hit on our... budget.
• So page 13 shows our overall budget.
• impact analysis.
• Also, I would like to mention that our budget request for Fiscal Year 27 will be a flat budget of $575,000

Transcript Highlights:

• , or who will do that legal analysis in your office?
• and basically take the savings there to help their budgets.
• There was that budget proviso that was in the operating budget that was vetoed by the governor.
• There was that budget proviso that was in the operating budget that was vetoed by the governor.
• Yeah, so at this next level, we're not yet prepared with the actual analysis.

Summary: The committee approved the May minutes by roll call vote and then received brief updates from the Attorney General’s office and the Office of the State Actuary. The AG’s office said it would handle legal analysis related to the committee’s work, while the actuary reported that staff were at capacity this summer due to annual valuation work, experience studies, and other retirement system projects, but would have more capacity in the fall. Members also requested access to fiscal note and actuarial materials related to the LEOFF 1 study and related legislation. The main discussion focused on the LEOFF 1 study, including actuarial funding, a proposed merger/termination/restatement approach, and the possibility of a permanent COLA for Plan 1 members. Several members supported keeping COLA recommendations in the committee’s work, while others raised concerns about whether merging or restating plans could affect benefits, legal status, or IRS tax treatment. The actuary explained that the temporary pause in certain funding rates reflected prior overfunding buffers and assumptions about future investment returns, and said future base-rate funding could still be needed depending on experience. Members also discussed constituent correspondence, which staff said largely fell into four categories: the LEOFF 1 study, Plan 1 benefits and COLAs, fossil fuel divestment, and ESSB 5357. The committee agreed that divestment concerns are more appropriately directed to the State Investment Board, not this committee. In reviewing the draft interim work plan, members added or adjusted several topics for future meetings, including a July educational briefing on LEOFF 1 history and tax/IRS issues, a September discussion of COLAs, and a December placeholder for excess compensation/pension spiking, pending coordination with the LEOFF 2 Board. The committee then approved the July agenda and adjourned.

Transcript Highlights:

• the capital budget overview committee. the capital budget overview committee.
• Um, right now they are conducting structural analysis and load analysis of the existing infrastructure
• <00:18:29.760> and conducting uh structural analysis and conducting uh structural analysis
• > existing load analysis of the existing load analysis of the existing infrastructure<00:18:32.960
• <00:23:20.799> you're you're just using the analysis you're you're just using the analysis

Keywords: 1189, house, all

Summary: The Capital Project Overview Committee met at 9:00 a.m. and first approved the September 29 minutes. The committee then considered University System of New Hampshire Capital Project 260001, a $70 million request involving two residence hall renovation projects at UNH. UNH officials said the work is needed to address aging 1970-era buildings, including heating, plumbing, and other deferred maintenance, and to improve student recruitment, retention, and living conditions. Members asked about the construction timeline, which was estimated at about four years, and about enrollment decline, which was estimated at roughly 15% over 10 years. The committee approved the project after discussion, with members noting the buildings’ age and need for repair. The committee next heard Capital Project 26003 from the Department of Natural and Cultural Resources for Cannon Mountain. Commissioner Sarah Stewart and staff described an $893,000 tranche, part of a larger effort to address deferred maintenance at the mountain, including guest facilities, lift infrastructure, a passenger ramp for scenic chairlift use, snowmaking improvements, a line replacement, a pump rebuild, and operations equipment. Members asked about the $6 million bonding limit established in 1999, and the department said it appears insufficient and may need updating in the future. The committee approved the Cannon Mountain request. The department also provided an informational update on the Cannon Mountain aerial tramway. Officials said a structural engineering firm is analyzing towers, terminals, and footings, with the goal of confirming the existing infrastructure can support a new tram system and refining bid specifications. They said the work is on track, with an updated cost estimate expected in January and a bid targeted for May. Members asked about the limited number of manufacturers capable of doing the work and whether the project could be delayed; the department said it is in active discussions with the likely bidders and pre-qualifying them. The meeting ended with brief discussion of informational reports, including a question about apparent delays in some New Hampshire Veterans Home projects, which staff said they would follow up on, and the committee adjourned with the next meeting set for March 16 at 9:00 a.m.

Transcript Highlights:

• U my in the current um budget for 2027.
• federal needs analysis to 95%. federal needs analysis to 95%.
• And then of the federal needs analysis.
• Minnesota is measuring needs analysis Minnesota is measuring needs analysis higher<00:58:55.920>
• the budget challenges facing the state. the budget challenges facing the state.

Keywords: 1187, senate, all

Transcript Highlights:

• in this area by the management analysis in this area by the management analysis<00:12:32.760> Division
• Our budgeting process is complex.
• That's a different discussion: is that in our budget, or is that an education budget?
• or is that an education budget or is that an education budget<01:11:18.600> Senator<01:11:18.960
• Senator a this is in this is in budget Senator a this is in this is in our<01:11:21.040> budget

Keywords: 1187, senate, all

Transcript Highlights:

• Updates on cash management and budget.
• We were working on budget bills this morning and finally got those advanced.
• We're going through some budget cuts right now.
• All of our projects have to do a cost-benefit analysis and an economic analysis.
• It's for the budget, the appropriators when we come to it.

Keywords: 908, all

Transcript Highlights:

• But we do, like in the budgeting process, ask agencies to look closely at their budgets.
• So when we do our funding every year and our budgets every year, when I see what my budget is, the federal
• At the end of that is the legal analysis from our team.
• The legal analysis confirmed that it is not that.
• We've been involved in this issue since it came before budget section.

Summary: The committee began with roll call, introductions of a new fiscal analyst and a new member, and approval of the March 19 minutes. The first major presentation was from the Office of Management and Budget on the state’s general fund and special fund status through May. OMB reported general fund revenues were running below the legislative forecast by about $76 million, driven largely by weaker individual income tax and sales tax collections, though the projected ending balance remained positive and above the budgeted level. The budget stabilization fund was above its cap and would transfer excess earnings to the general fund, and the legacy fund balance continued to grow. Members also asked about federal funding uncertainty and mineral leasing revenue variability. The committee then reviewed compliance reports and trust fund analyses, followed by discussion of a bill draft for the fixed-route city transportation network study. The draft would create a $15 million general fund grant program with a formula-based distribution to eligible fixed-route transit cities, intended to support operating and capital needs and help match federal transit funds. Transit officials from Minot and Fargo testified in support, explaining local fare and match structures and the difficulty of replacing aging buses and securing federal matching dollars. Several members questioned whether the program should be limited to the current four cities or broadened to future eligible urban areas, and whether local funding sources should be explored further. The committee did not finalize the bill draft at that point and planned to continue discussion at a later meeting. The committee also approved a bill draft repealing obsolete language related to approval of a bi-state authority with South Dakota, after staff explained that no agreements had ever been implemented and the provision appeared outdated. A roll call vote was taken and the motion carried. Later, the Department of Commerce and the Northern Plains UAS Test Site presented updates on uncrewed aircraft systems initiatives, including the Vantis radar data enclave, the drone replacement program, and efforts to build a revenue model for Vantis. Test site officials said FAA approval had been secured for the radar data program, replacement of noncompliant drones was underway, and future revenue could come from state and external users once pricing and intellectual property arrangements are finalized. Members asked about Chinese-made drones, supply chain issues, automation, and how the system would manage beyond-visual-line-of-sight operations. The Department of Corrections and Rehabilitation then presented on the design of a new minimum-security prison and a reentry housing study. Officials said the proposed facility would relocate the minimum-security prison to the penitentiary campus, reduce costs from an earlier estimate, and provide more beds and programming space, with construction potentially beginning in 2027 and opening around 2031. They also described staffing needs, the planned move of women to the New England facility, and possible expansion of men’s housing there. The parole and probation chief described a reentry housing task force studying housing needs for people leaving incarceration, with a goal of developing data-driven recommendations for subsidies and support services; a representative from Protection and Advocacy closed by expressing general support for fixed-route and paratransit funding.

Transcript Highlights:

• But would then be budget. Yep.
• Was there any fiscal analysis of CESAs?
• So, our own fiscal analysis of of CESAs?
• <00:37:26.040> Um, analysis of the far-off future. Um, analysis of the far-off future.
• <00:37:29.160> of, however, I believe there is analysis of, however, I believe there is analysis

Keywords: 926, house, all

Summary: The caucus of the whole received an update from Representative Kornheiser on House Bill 955, focusing on the Ways and Means amendment and how it aligns with Act 73 and the House Education Committee’s broader education transformation work. She said the amendment was assembled from separate pieces developed earlier in the session and covers three main areas: planned property tax updates, steps needed for the future education finance system and foundation formula, and policy changes to support collaborative education service agencies and district mergers. She emphasized that the bill is aimed at the future state of the system, with many provisions tied to later effective dates and pending reports. Kornheiser described the property tax provisions as further defining the new non-homestead/second-home classification so the Tax Department can continue form development and data collection before rates are set, and she said the bill also advances regional assessment districts and a more regular reappraisal cycle. On education finance, she said the amendment adds school construction and school debt provisions, reserve guidance, pre-K funding study language, special education funding protections, and transportation-related follow-up work so those pieces can fit the foundation formula. She also framed the bill as reducing cost drivers in the system, citing health care savings, reference-based pricing, mental health coordination, special education scale, deferred maintenance, and larger-scale school organization. During questions, members asked about merger support funding, transportation timelines, private equity ownership of school transportation, tuition restrictions for approved independent and public schools, and the timing and finality of the second-home tax definitions. Staff explained that merger support would be reimbursed through AOE for committee expenses and would not count against excess spending thresholds, that transportation and other grant categories will be addressed in future reports and decisions, and that the transportation study does not explicitly name private equity but could encompass staffing and cost issues. They also confirmed that the tuition-related provisions apply to approved independent, in-state public, and out-of-state public schools receiving tuition, but only when the foundation formula takes effect. No votes were taken during the caucus; the update was informational, with the bill noted as having been referred to Appropriations and expected to come up for action later in the week.

Transcript Highlights:

• only state funding and our budget only state funding and our budget request<00:04:25.280> but
• meetings the regulatory analysis meetings the regulatory analysis division<01:18:15.120> is
• proposed in the governor's 2627 budget proposed in the governor's 2627 budget for<01:24:17.320><
• adjustment proposed to offset budget adjustment proposed to offset budget pressure<01:24:36.239>
• stress on these systems this budget stress on these systems this budget initiative<01:26:31.560>

Keywords: 1187, senate, all

Transcript Highlights:

• Good afternoon and welcome to the assembly budget subcommittee five on state administration hearing today
• And in our analysis, we're not looking...
• Would that have been included in your analysis? No.
• On my current project, the location budget was over $7 million.
• I have budgets anywhere from $100,000 to $20 million. I hire a lot of crew.

Keywords: 988, house, all

Transcript Highlights:

• Good afternoon and welcome to the Assembly Budget Subcommittee 5 on State Administration Hearing today
• I serve as the budget officer for the Department of Cannabis Control.
• The second piece on the analysis of prices is to look at market integration.
• And your budget ask is for an additional. No.
• They have the policy oversight on our local assistance budget.

Keywords: 988, house, all

Transcript Highlights:

• > solicit Management Budget would solicit Management Budget would solicit proposals<00:10:10.320
• <00:10:22.400> There economic analysis is warranted.
• There economic analysis is warranted.
• <00:10:30.240> Um kind of complex economic analysis.
• Um kind of complex economic analysis.

Keywords: 1183, house

Transcript Highlights:

• Sean Perez is our budget analyst. Michelle Mullins is our budget specialist.
• I wish they'd have called it truth in budgeting, because it really is truth in budgeting.
• Estimating conference, fiscal analysis on all tax bills filed, staff analysis to support that drafting
• It'll be on time and on budget.
• That budget is submitted through DMS.

Summary: The State Administration Budget Subcommittee met for an introductory overview of the agencies under its jurisdiction and their current-year budgets. Chair Vicki Lopez welcomed members and staff, and each member briefly introduced themselves and identified areas of interest, with recurring themes including fiscal restraint, insurance regulation, revenue administration, condominium issues, and government efficiency. The chair then outlined the subcommittee’s overall budget, about $3.1 billion, and noted major recent policy areas affecting the budget such as condominium legislation and emergency communications funding. Agency heads then presented high-level summaries of their missions and budgets. The Department of Revenue described property tax oversight, tax administration, and child support enforcement; the Department of Management Services reviewed state purchasing, telecommunications, fleet, state insurance, retirement, and digital services; DBPR highlighted licensing, enforcement, condominiums, and building code work; DFS covered insurance consumer services, risk management, unclaimed property, fire marshal functions, and criminal investigations; the Gaming Control Commission discussed pari-mutuel and tribal gaming oversight and enforcement; OIR explained insurer solvency and rate review; the Lottery emphasized education funding and record sales; OFR described regulation of banking, securities, lending, and money services; DOAH outlined administrative and workers’ compensation adjudication; PSC covered utility rate regulation and consumer complaints; PERC described labor relations and career service appeals; and FCHR summarized discrimination complaint investigations and outreach. Several members asked questions about utility returns, insurance regulation staffing, DMS’s state employee health plan deficit and prescription drug formulary management, agency recommendations for reducing regulatory burden, and state facilities usage. Responses generally emphasized that utility rates and insurer filings are determined through evidentiary and actuarial processes, that OIR has reduced vacancies but still seeks specialized staff and a Tampa office expansion, and that DMS acknowledged rising health plan costs and said the issue likely requires broader budget-level discussion. The chair also pressed multiple presenters to stay focused on agency operations and budgets rather than broader policy issues. No votes or formal actions were taken in the meeting.

Transcript Highlights:

• So we would love to hear your analysis and how you have thought about this in ways we can learn from,
• and how you have thought So we would love to hear your analysis and how you have thought about this
• direct impacts analysis of fishing and hunting as an outdoor recreation activity.
• And that analysis includes all of those in one piece or another, but they tend to be aggregated.”
• And as you saw in the document, that's excluded from this analysis.

Summary: The Financial Estimate Committee met on July 6, 2026, to begin work on the financial estimate for IP 28, after reviewing the statutory process and confirming that only IP 28 had cleared the signature threshold for consideration. Staff explained the committee’s duties under ORS 250.125 and the timeline for draft statements, public hearing, and final adoption. The committee also designated Carol Moreno C. Fuentes to file the committee’s eventual statements. Staff from the Department of Administrative Services and the Legislative Revenue Office presented preliminary analysis of IP 28, describing major uncertainties in estimating impacts because the measure is not a tax law change and would affect multiple industries and government functions. Preliminary figures discussed included an estimated $56.5 million loss in the current biennium and $6.7 million in reduced expenditures, with larger projected revenue losses of roughly $244.1 million to $258 million and reduced expenditures of $30.7 million to $34.9 million in 2027–29, plus $87.8 million to $88.3 million in increased expenditures. Analysts said the biggest effects would likely involve agriculture, fish and wildlife, hunting and fishing, local government enforcement, and possible shifts in state funding, but many impacts remained difficult to quantify. Committee members raised concerns about local government costs, law enforcement and prosecution burdens, impacts on the hospitality and recreation sectors, possible effects on tribal governments and treaty rights, and whether the measure would affect shellfish and crabbing. They also discussed the Humane Transition Fund, subsidies, possible litigation costs, and whether the statement should include broader uncertainty language and multiple scenarios. Members generally agreed the draft should be revised to better reflect uncertainty, clarify assumptions, and possibly use bullets or other formatting to improve readability. No vote was taken. The committee agreed to treat the current draft as a working version, with staff to revise it based on the discussion and return an updated draft before the next meeting scheduled for July 17 at 2 p.m., with both in-person and virtual participation available.