Video & Transcript Research : 'purchasing flexibility'
Page 61 of 488
TX
Transcript Highlights:
- The bill gives flexibility to the General Land Office with respect to the Texas State Library and Archives
- This outdated limit often delays routine purchases like fuel, equipment, repairs, and supplies.
- Bill 2778 allows ESD boards to raise that threshold to any amount under $50,000, giving them the flexibility
- standards in the local government code, which allows municipalities to bypass competitive bidding for purchases
- with fiscal responsibility, respects local control, and brings long-overdue modernization to ESD purchasing
Summary:
The Senate opened with a quorum, an invocation, and routine business including dispensing with the previous day’s journal, receiving a House message on HB 104/HJR 34, and a gubernatorial message naming two appointees to the Texas Real Estate Commission. The chamber also adopted several resolutions recognizing Alzheimer’s Advocacy Day, Golf Day in Texas, Cindy Ramos-Davidson, and the 50th anniversary of the Harris-Galveston Subsidence District. Members then adopted memorial resolutions honoring fallen first responders, including Deputy Jesse Ray Perez and Deputy Melissa Pollard, and the Senate agreed to adjourn in their memory.
The Senate considered and passed several bills. SB 2199 increased penalties for loading overweight vehicles transporting hazardous materials; SB 1959 adjusted permit factors for the North Texas Groundwater Conservation District; SB 1376 changed supervision rules for code enforcement officer trainees; SB 2595 created a new offense for harassing, intimidating, or threatening someone while concealing identity with a mask or similar headgear; SB 1012 authorized sale or lease of certain surplus state property in Austin; SB 2245 revised bonded title procedures; SB 2605 created a municipal housing authority asset commission; SB 3044 expanded and adjusted the board of the Presidio County Underground Water Conservation District; SB 628 clarified county fire code enforcement authority through interlocal agreements; SB 2778 raised the spending threshold for emergency services district employees; SB 3039 addressed public higher education transfer issues; and SB 2523 allowed release from municipal extraterritorial jurisdiction by petition. Most of these bills were passed to engrossment, the three-day rule was suspended, and final passage was completed, often by wide margins.
The chamber also took up SB 1844, which would require cities to provide services before expanding taxing areas into limited-purpose jurisdictions; a floor amendment narrowed the bill, and it was passed to engrossment. SB 2284 clarified municipal and county authority over firearms, airguns, archery equipment, and related items, and was passed despite opposition. SB 2529, dealing with the vote threshold for taxing units to adopt higher tax rates or issue tax bonds, prompted extended debate over voter approval and representative decision-making; after questions, the bill was passed to engrossment and held. At the end of the session, the Senate recessed for 20 minutes and announced it would meet as the Caucus of the Whole.
TX
Transcript Highlights:
- It offers them the flexibility to grant this relief if they.
- is then to be sold, who pays the rollback tax is negotiated down between the land seller and the purchaser
- Normally, it ends up being the purchaser doing so.
- We are committed to addressing these concerns to ensure flexibility without sacrificing the overall goal
- Uh, Texans know above all Americans that our freedom is really purchased by the men and women in uniform
Keywords:
redistricting, election, Texas legislature, district composition, political representation, congressional redistricting, Texas House of Representatives, U.S. House, Congressional districts, district map, district boundaries, gerrymandering, voting rights, election law, apportionment, representation, special committee, PLANC2308, redistricting plan, elections
TX
Transcript Highlights:
- It offers them the flexibility and ability to grant this relief if their commissioners deem it necessary
- It is negotiated down between the land seller and the purchaser, and normally it ends up being the purchaser
- Addressing these concerns is essential to ensure flexibility without sacrificing the overall goal.
- Texans know, above all Americans, that our freedom is really purchased by the men and women in uniform
Bills:
HB485, HB1367, HB1370, HB1827, HB1879, HB2032, HB2133, HB2357, HB3581, HB3830, HB4060, HB4085, HB4270, HB4979, HB5217, HB5268, HB5478, HJR96, HJR97, HJR119, HJR195, HJR209, SB4, SB23, SJR2, SJR85, SB 4, SB 23, SJR 2
Keywords:
healthcare, insurance, access, affordability, public health, emergency services district, sales tax, gas and electricity, residential use, tax exemption, emergency services, gas, electricity, HB 485, ESD, use tax, residential utilities, utility tax, local option tax, Texas Health and Safety Code
AR
Transcript Highlights:
- The appropriation remains there because of the flexibility that we need within our budget, because we
- It's the flexibility and the appropriation. Well, it's going to double in the appropriation.
- This gives us the flexibility.
- Like, they have that flexibility. Yes, sir. I believe so, yes. Thank you. You're welcome.
- These guys purchased new equipment to put up the tower issues.
MA
Massachusetts 2025-2026 Regular Session
Joint Committee on Financial Services Jun 21st, 2026 at 10:30 am
Joint Committee on Financial Services
Transcript Highlights:
- they might have been directed to send the cash in the mail, or they might have been directed to purchase
- EWA also provides flexibility, offering low or no-cost delivery methods with instant access available
- You are that entry point where somebody's putting in their cash and purchasing bitcoin or whatever the
- You are that entry point where somebody's putting in their cash and purchasing bitcoin or whatever the
- Unlike mutual funds, however, investors cannot generally purchase or redeem shares directly from the
Summary:
The committee heard testimony on several financial services bills, with the main focus on cryptocurrency kiosk regulation, financial literacy, and earned wage access. Legislators and witnesses described widespread crypto-related scams targeting older adults, often involving impersonation, urgency, spoofed phone numbers, and rapid transfers through kiosks that are difficult to trace or recover. Supporters of the kiosk bills said Massachusetts needs licensing, registration, transaction limits, warning notices, receipts, refund protections, and other safeguards; some also urged a “pause” or hold on transactions to give victims time to reconsider and allow law enforcement to intervene. The Attorney General’s office, AARP, local law enforcement, and several prosecutors and sheriffs backed the consumer-protection approach, while Bitcoin Depot supported a narrower regulatory framework but opposed low fee caps and strict daily limits, arguing they would function like a ban and reduce legitimate use.
Witnesses from Waltham police, Middlesex and Essex County law enforcement, and the AG’s office said crypto scams are growing quickly, losses are often unrecoverable once funds move, and current tools are limited. They described cases involving elderly victims losing thousands of dollars, and said warnings alone are not enough because scammers keep victims on the phone and guide them through the process. Some witnesses said a temporary hold or refund mechanism has worked in at least one case, while others emphasized that transaction limits and visible disclosures could reduce harm even if they do not stop fraud entirely. The AG’s office also said it would submit written opposition to separate earned wage advance legislation, while DailyPay testified in support of that bill, saying earned wage access helps workers bridge short-term gaps without debt or credit reporting.
The committee also heard support for mandatory financial literacy education from Representative Jim Hawkins, who said high school students need instruction on credit, debt, and inflation before they enter adulthood. In addition, the committee took testimony on litigation financing bills from insurance industry representatives, who argued for disclosure and regulation of predatory litigation lending and warned about foreign interference and reduced plaintiff recoveries. No votes or final actions were taken during the hearing; members asked questions throughout, and the chair noted the need to move testimony along because of time constraints.
NM
New Mexico 2025 Regular Session
IC - Water and Natural Resources Sep 12th, 2025
Water & Natural Resources Committee
Transcript Highlights:
- It allows me some flexibility to go, whether it's coming up here to Taos, going to Mora, or all the way
- The good thing is that we have some flexibility in the time frame and the types of rights that we can
- We have 10 years to complete those purchases.
- We can do that through purchasing agricultural water rights, and probably the bulk of that depletions
- reduction will come through purchasing agricultural water rights.
HI
Transcript Highlights:
- <00:53:45.319>
also suum Al with that flexibility also suum Al with that flexibility also - Our base budget for purchasing materials is only $1.5 million. Okay, but you know what?
- <01:30:15.960>
the have our resources for to purchase the have our resources for to purchase - <02:31:31.359>
so programming to be more flexible so programming to be more flexible so whether - <03:56:44.239>
school that principls have purchased school that principls have purchased school
AR
Arkansas 2026 Regular Session
JBC-CLAIMS Apr 14th, 2026
JBC-CLAIMS REVIEW/LITIGATION REPORTS OVERSIGHT SUBCOMMITTEE
Transcript Highlights:
- We have just a few items of business today, and at the outset, thank you for everyone's flexibility.
- Commissioner of State Lands shall not be liable for any monetary damages to any owner, interested party, or purchaser
- Commissioner of State Lands shall not be liable for any monetary damages to any owner, interested party, or purchaser
- Any owner, interested party, or purchaser of tax-delinquent land for any action taken or any omission
- Commissioner of State Lands shall not be liable for any monetary damages to any owner, interested party, or purchaser
Summary:
The Joint Budget Committee’s Claims Review and Litigation Reports Oversight Subcommittee met to consider two proposed Department of Corrections litigation settlements and one appealed claim from the Claims Commission. The first settlement, Caroline Arnett v. Larry Norris et al., involved allegations of long-term sexual abuse by a corrections employee. Committee members asked about PREA audits, facility practices, and whether the inmate had been placed at the proper facility. The department said audits and other safeguards were underway, and the committee approved the settlement. The second settlement, Latasha Ridgel v. Arkansas Department of Corrections, also involved sexual harassment/assault allegations. Members questioned the seven-year delay in the case and whether the issue was systemic; the department cited attorney turnover, COVID delays, and legislative changes making inmate exposure a felony. The committee approved that settlement as well.
The committee then heard an appeal in Sharon Greer and Deanna Hayes v. Commissioner of State Lands, a denied and dismissed claim involving a tax-delinquent sale of family property in Crittenden County. Staff and the Commissioner of State Lands’ office said the property was certified in 2000, sold in 2009 after notice was sent, and that excess proceeds were available for a limited period before escheating to the county. The claimants argued they were not properly notified of the sale or the excess proceeds and only learned of the matter in 2025 after receiving the deed at a family funeral. Committee members discussed the notice process, statute of limitations, and the handling of excess proceeds, with several noting the issue may call for legislative review rather than relief in this case.
After debate, the committee voted to affirm the Claims Commission’s dismissal of the Greer/Hayes claim. Members also discussed broader concerns about how excess proceeds from tax sales are handled and whether the current statutory process should be revisited in future legislation.
NM
Transcript Highlights:
- Allowing the Department of Health to set vaccination standards for adults and requiring vaccines purchased
- pursuant to the statewide vaccine purchasing program to be recommended by the 5.
- There will be a bill to give the Department of Health greater flexibility to establish a Vaccine standards
- Gynecologists, the American College of Physicians, or the Department of Health, requiring Vaccines purchased
- pursuant to the statewide vaccine purchasing program to be recommended by the Department of Health,
CA
California 2025-2026 Regular Session
Assembly Revenue and Taxation Committee Mar 24th, 2025
Transcript Highlights:
- Program to provide a non-refundable tax credit to small retailers and disadvantaged communities who purchase
- businesses in disadvantaged communities another tool to afford a one-time cost associated with the purchase
- businesses in disadvantaged communities another tool to afford a one-time cost associated with the purchase
- businesses operating in disadvantaged communities to assist them with one-time costs associated with the purchase
- This bill provides additional financial flexibility to Californians when it comes to securing medical
Summary:
The Assembly Committee on Revenue and Taxation met and announced that, under its suspense-file rules, every bill on the agenda would be referred to suspense because each had a fiscal impact. The chair also reminded attendees to submit position letters in advance for inclusion in the bill analysis. A quorum was established and the committee then heard six bills, all of which drew support testimony and no opposition testimony in the room.
AB 814 would exempt law enforcement pensions from state income tax to encourage retired peace officers to remain in California and support recruitment and retention. AB 918 would create a targeted income tax exemption for pay earned by local first responders deployed under mutual aid during declared emergencies, with supporters saying it would help sustain disaster response and reward extraordinary service. Both bills were backed by police and public safety organizations and were referred to suspense.
AB 976 would create a nonrefundable tax credit for small retailers in disadvantaged communities to help pay for security equipment in response to retail theft and violence; members discussed whether the bill should be broader and how it related to Proposition 36 and crime policy. AB 984 would allow state tax deductions for contributions to CalABLE accounts, with testimony from CalABLE representatives and families describing the program as an essential savings tool for people with disabilities. AB 1282 would create a deduction for out-of-pocket medical expenses up to $5,000 through 2030, and AB 838 would raise California’s renter’s tax credit from $60/$120 to $2,000 for eligible filers. Each of these bills was also referred to the suspense file, and the committee then adjourned.
NH
New Hampshire 2025 Regular Session
House Labor, Industrial and Rehabilitative Services (02/04/2025)
Labor, Industrial and Rehabilitative Services
Transcript Highlights:
- them in a very difficult position with a benefit amount that hasn't kept pace with inflation and purchasing
- 25.800>
and pace um with with the inflation and and pace um with with the inflation and and purchasing - 27.040>
okay <02:23:27.279>and <02:23:27.439>one <02:23:27.600>second purchasing - power okay and one second purchasing power okay and one second representative representative representative
MN
Transcript Highlights:
- Well, it's flexible.
- We need bus rapid transit in this quarter because it's more flexible.
- We need bus rapid transit in this quarter because it's more flexible.
- So we do not need to spend this when bus rapid transit is so much more flexible and affordable.
- and affordable the Gold more flexible and affordable the Gold Line<01:23:53.199>
which <01:23:
FL
Florida 2026 Regular Session
Appropriations Committee on Higher Education Mar 11th, 2025
Appropriations Committee on Higher Education
Transcript Highlights:
- It does not include equipment purchases; those run through a separate process.
- I do think one of the pros, though, is the flexibility of the model.
- I do think one of the pros, though, is the flexibility of the model.
- I will never argue against flexibility. Certainly, I think... Thank you, Madam Chair.
- I will never argue against flexibility.
Summary:
The committee held an informational hearing on higher education funding, focusing on how Florida’s university system should be financed and whether a new funding model is needed. University system financial officers and Chancellor Ray Rodriguez discussed major cost drivers, including wages and benefits, utilities, maintenance, financial aid, research, and the effects of geography, institutional mission, and student mix. UF highlighted the cost of research and graduate programs; UCF and FAU pointed to growth, location, and cost of living; FAMU emphasized recruiting top-tier talent while relying on other revenue sources; and UNF noted the challenges of growth and long-term planning. Members also discussed the role of internal controls and audits in addressing excessive spending and questioned whether out-of-state tuition should be adjusted to help offset costs.
On revenue sources beyond state appropriations and tuition, the panel described auxiliaries, restricted funds, capital projects, and component units such as foundations and health systems. Several universities noted that some revenues are restricted to specific purposes and cannot be used for general operations. FAMU explained that a large share of its capital project funding reflected active campus construction, while UF said its component-unit revenue is largely tied to UF Health. The Chancellor emphasized that the system’s low tuition and strong state support are central to Florida’s national standing, but also noted that some auxiliary revenues are pledged to debt and must be managed carefully.
When discussing the current funding process, witnesses praised Florida’s performance-based funding model for aligning incentives with student success, transparency, and accountability. They also raised concerns about non-recurring appropriations, rising employee benefit costs, unfunded mandates, deferred maintenance, and the difficulty of multi-year planning. Suggestions for improvement included more recurring funding, better coverage of mandated costs, greater flexibility in fee-setting, and possible weighting for mission, geography, and institutional type. The Chancellor said the Board of Governors is considering a “version 3.0” of performance-based funding that would benchmark institutions against peers and Carnegie classifications, but any changes would require legislative action. On out-of-state tuition, most universities said they would prefer local board flexibility, while the Chancellor cautioned that increasing out-of-state enrollment or fees could affect future state support and should be balanced carefully.
FL
Transcript Highlights:
- To address this, the bill grants surrounding landowners a right of first refusal to purchase property
- The bill before you restores normal land use authority and flexibility to counties that were unaffected
- There is no agency waiver flexibility, and the act takes effect as becoming law on July 1, 2006, and
- . ...of Florida was going to recognize the American Midwest as the Louisiana Purchase, or France and
- The bill does not keep a law enforcement agency from purchasing one firearm over another.
Bills:
S0212, S0218, S0442, S0460, S0532, S0554, S0644, S0686, S0692, S1054, S1106, S1128, S1134, S1138, S1338, S1434, S1506, S1620, S1748
Keywords:
sexual offender, sexual predator, sex offender registry, child protection, residency restriction, loitering, proximity restriction, public swimming pool, school safety, child care facility, day care center, park, playground, conditional release, probation, community control, warrantless arrest, background check, registry screening, minor victims
Summary:
The committee first considered SB 1434 on infill redevelopment. A late-filed strike-all amendment narrowed eligibility criteria, including environmental and adjacency requirements, density and intensity limits, and exclusions for certain lands and military areas. The amendment was adopted without opposition, and the bill then passed favorably on an 8-0 vote, with testimony both for and against from advocacy groups.
Members then heard several bills related to criminal justice, land use, and local government operations. SB 212 on sexual offenders and sexual predators was amended to add public swimming pools and related restricted-location provisions; the committee heard extensive opposition testimony arguing the bill lacked empirical support and could worsen homelessness and burden families, while supporters said it would reduce temptation and improve safety. The amended bill passed 8-1. SB 686 on agricultural enclaves also received a strike-all amendment clarifying development allowances near interstates and protected-area non-preemption; after opposition from a county Republican committee and support from housing and business groups, it passed 10-0. SB 554 updating nonprofit corporation law, SB 1338 on charitable giving and endowment restrictions, SB 532 on court fee retention by clerks, and SB 218 on land use regulations after hurricanes all passed favorably, each with little or no opposition.
The committee also approved SB 692 on cybersecurity standards and liability after debate over whether the bill created enough compliance incentives and whether its liability presumption should apply retroactively; supporters said it would encourage adoption of cybersecurity frameworks, while opponents warned it could weaken local standards and create litigation issues. The bill passed 9-2. SB 1138 on qualified contractors was amended to preserve local government authority while allowing licensed professionals to conduct limited pre-application reviews, and it passed 11-0. Finally, SJR 1104 on religious expression in public schools passed 8-3 after extensive public testimony and debate, with supporters saying it would enshrine existing protections in the Constitution and opponents warning it would favor majority religions and increase bullying and litigation. The committee then took up SB 1106 on requiring state agencies and instructional materials to use “Judea and Samaria” instead of “West Bank,” with the sponsor arguing it reflected historical truth and opponents saying it erased Palestinian identity and inserted the state into an international naming dispute; the transcript ends during public testimony on that bill before any vote is shown.
KY
Kentucky 2025 Regular Session
Public Pension Oversight Board (9-23-25)
Transcript Highlights:
- what you would like to purchase.
- what you would like to purchase what you would like to purchase. purchase. purchase.
- Um, and that's flexible. You know, that certainly depends on the number of retirees.
- Um and that's flexible. you know, cost.
- Um and that's flexible. you know, that<00:26:30.080>
certainly <00:26:30.400>depends <00
Keywords:
Meeting Start: 00:00:35
Attendance Roll Call: 00:00:55
Approval of Minutes: 00:02:56
Deferred Compensation Authority Update: 00:03:12
Retiree Health Update - TRS: 00:15:58
Retiree Health Update - KPPA: 00:56:13
Adjournment: 01:08:10, 958, all
Summary:
The Public Pension Oversight Board met with a quorum, approved the prior minutes, and heard updates from the Kentucky Public Employees Deferred Compensation Authority and the Teachers Retirement System. The deferred compensation update highlighted continued growth in assets to about $4.787 billion and roughly 88,000 participants, strong retention from auto-enrollment, a marketing campaign tied to pay raises that generated additional participation, and a new self-directed brokerage account expected to launch July 1 of the coming year for participants with at least a $40,000 balance, allowing up to 25% of their account to be moved into the brokerage window. The director also described the free financial planning service, which has been used by about 3,500 participants with a high return rate, and said the plan is currently in a fee holiday; if fees are charged, they are capped at $237 per year for most participants.
Members asked questions about who provides the CFP service, the fee structure, and the brokerage eligibility threshold. The director said the CFP service is provided through the authority’s service bundle with Nationwide, not as a separate paid service, and explained that the fee cap and current fee holiday are intended to keep the program low-cost. Board members praised the deferred compensation program’s performance and asked for a copy of the legislation referenced in the presentation.
TRS then presented on retired teachers’ health insurance. Barnes first clarified how declining federal contributions for federally funded school positions affect the retirement annuity trust, explaining that if those federal dollars fall, the amounts would need to be covered through the SEEK formula and that the projection for those contributions is about $80 million over the next three years. He then reviewed TRS retiree health coverage, distinguishing between KEHP for retirees under 65 or not Medicare-eligible and MEHP for Medicare-eligible retirees, and explained that TRS recently completed RFPs for both prescription drug and medical coverage. TRS will keep Express Scripts for prescription drugs, but will move the Medicare Advantage medical plan from UnitedHealthcare to Humana on January 1, 2026, while keeping the plan design, provider access, and out-of-pocket structure largely unchanged, with a new hearing-aid benefit of $500 per ear.
Barnes also reported the 2026 premium and contribution changes: the maximum TRS contribution toward KEHP will rise to $1,144.96 from $930.76, an 18% increase that he said will require roughly $15 million to $16 million more in the state budget, while the MEHP premium will drop to $200 per month from $210. He said the TRS board has statutory authority to set these amounts and that the changes will have mixed actuarial effects, with the KEHP increase being negative overall and the MEHP decrease positive.
FL
Florida 2025 Regular Session
Banking and Insurance Mar 10th, 2025
Transcript Highlights:
- . >> When they're purchasing health insurance. Okay.
- And a lot of these folks that might qualify or might be able to purchase a farm.
- Your plan could probably qualify for that group of people that could go on to the marketplace and purchase
- Will this bill prohibit those local governments from having the flexibility to implement additional safety
KY
Kentucky 2025 Regular Session
Consensus Forecasting Group (9-16-25)
Transcript Highlights:
- We also saw, of course, that the AI boom we have seen has contributed to GDP, larger due to the purchase
- of chips, software, more than the consumer average retail purchases added to GDP.
- retail purchases added consumer average retail purchases added to<00:15:11.440>
GDP. - consumer purchases. consumer purchases.
- to have the consumer retail purchases to have the consumer spending<00:41:14.160>
have <00:41:
Summary:
The meeting focused on preliminary fiscal 2026 revenue estimates and the governor’s office request for an official revision to fiscal 2026, with members reminded that any estimate adopted now would not bind the December official estimates. Staff from S&P Global walked through three forecast scenarios—control, optimistic, and pessimistic—based on recent federal tax changes, tariffs, and other policy developments, emphasizing that the outlook remains highly uncertain.
Under the control scenario, the presentation projected below-trend real GDP growth of 1.8% in fiscal 2026, slowing to 1.5% by fiscal 2028, with unemployment peaking around 4.5% and the Federal Reserve cutting rates three times to a long-run range of about 2.75% to 3%. The optimistic scenario assumed lower effective tariffs, stronger growth, and better labor and housing outcomes, while the pessimistic scenario assumed a broader trade war, higher effective tariffs, faster deportations, weaker employment and consumer spending, and unemployment rising to about 6.3%. Speakers also noted that the forecast was prepared before later BLS revisions and that recent data on inventories and AI-related investment made the recent quarters look unusually volatile.
Members discussed how the current fiscal 2026 outlook compared with earlier assumptions and noted that the eventual revenue revision may be smaller than the spread between the optimistic and pessimistic economic scenarios. The governor’s office and committee members also reviewed sector-specific impacts, including manufacturing, housing, light vehicle production, exports, and consumer sentiment, with particular concern about Kentucky’s auto and housing-related industries. No votes or formal actions were taken in the portion provided.
NH
Transcript Highlights:
- So that's why this flexibility is really important.
- This flexibility is really necessary ft.
- >
is <04:25:43.359>really that's why this flexibility is really that's why this flexibility - Uh, just curious about a flexible patient safety zone of 25 feet.
- flexible patient safety zone of 25 ft. flexible patient safety zone of 25 ft.
ND
North Dakota 2026 1st Special Session
Agriculture and Water Management Committee Jun 17th, 2026 at 09:00 am
Agriculture and Water Management Committee
Transcript Highlights:
- Okay, so if you're a farm and you have proper drainage, you are likely to purchase additional inputs
- Those businesses that you're purchasing inputs from, in the aggregate, are going to have to expand in
- The indirect are those inputs that are purchased because you have more productive soil when you have
- It allows for regional variation, and it provides flexibility when design assumptions no longer match
- He had all his equipment up along his road where it was dry or high, and we purchased that.
MN
Transcript Highlights:
- to manage the fund according flexibility to manage the fund according to<00:11:41.200>
industry - And I'll turn it back over to Andrew to wrap things up. purchasing power to keep the fund a purchasing
- power for the benefit of purchasing power for the benefit of future<00:35:08.079>
generations. - power and further balance the purchasing power and further balance the needs<01:03:43.839>
of - At 4 and a.5% longterm purchasing power.