Transcript Highlights:

• They're attempting to replicate the valuation.
• There's salary increases that are related to that service growth, and we saw higher rates of increase
• It's a 2023 that's for the last rate-setting valuation, and then 2025 for the current valuation that
• It's a 2023 that's for the last rate setting valuation, and then 2025 for the current valuation that
• As Mitch noted, that report was an accounting valuation, not an actuarial valuation, so it is not the

Summary: The Pension Funding Council met on June 23, 2026, for a work session that began with an overview of the Higher Education Supplemental Retirement Plan (SRP) and a 2025 accounting valuation of that plan. Staff explained that the SRP is a closed defined benefit supplement for higher education employees hired before the 2011 closure, with employer contributions currently pre-funding benefits in institution-specific trusts while institutions still pay benefits on a pay-as-you-go basis. The State Actuary’s office reported that the plan’s accounting position has improved, with combined market assets of about $245 million against $377 million in accrued liability, and that strong market performance since 2022 has increased the asset-to-liability ratio. The office emphasized that this was an educational accounting valuation, not a funding valuation for rate-setting. The council then received the 2025 actuarial valuation report for the state retirement systems. Actuaries reviewed the recent demographic experience study, noting updated assumptions for mortality, retirement, termination, and salary growth, and said the net impact on most plans was small. They reported that most plans’ funded ratios improved, with all plans at least 94% funded and several at or above 100%, and that contribution rates for the 2027–2029 biennium are generally lower than current rates. They also noted that future rates could be affected by market volatility as deferred gains are recognized over the next few years. During public comment, a representative of the Association of Washington Cities urged the council to consider rate reductions to help local governments facing budget pressures. In executive session, the council first approved a motion directing the Office of the State Actuary to perform an actuarial evaluation and analysis of each institution’s Higher Education Supplemental Retirement Plan, including institution-specific contribution rates, asset sufficiency, and funding policy options, due by July 1, 2028. The council then adopted the 2027–2029 pension contribution rates based on the 2025 actuarial valuation report. Both motions passed 5-0, with one member excused. The meeting concluded with no further business.

Transcript Highlights:

• They're attempting to replicate the valuation.
• There's salary increases that are related to that service growth, and we saw higher rates of increase
• Into the valuation.
• It's 2023 for the last rate-setting valuation, and then 2025 for the current valuation that we just completed
• As Mitch noted, that report was an accounting valuation, not an actuarial valuation, so it is not the

Keywords: 904, all

Transcript Highlights:

• to McCan's reputation as a regional destination for tourism, business, and entertainment, with increasing
• there was a current law prohibits appraisal districts from having the compensation linked to an increase

Bills: SB 250, SB 375, SB 536, SB 845, SB 1633, SB 1944, SB 1957, SB 2081, SB 2137, SB 2262, SB 2299, SB 2419, SB 2452, SB 2522, SB 2549, SB 2594, SB 2605, SB 2631, SB 2639, SB 2675, SB 3029, SJR 60, HB 22, HB 1392, HB 2525

Keywords: municipal annexation, railroad, adjacent areas, local government, property rights, healthcare provider, Harris County Hospital District, hospital funding, healthcare services, public health program, home loans, nurses, veterans, public servants, Texas Heroes program, low-interest loans, social workers, housing assistance, SB 1633, Texas Tax Code

Transcript Highlights:

• Well, that has not decreased, and it was done because of the increase in valuations on personal property
• You're going to have that increase in valuations every year no matter what.
• That is correct, from increased valuations.
• You at least don't owe 25%, but maybe you do owe some increase over the prior valuation.
• Why does everything have to be an increase for valuation?

Keywords: 959, house, all

Transcript Highlights:

• townwide the increase in in property<00:20:41.520> valuation<00:20:42.400> was<00:20:42.960
• > I'm<00:20:43.200> forgetting property valuation was I'm forgetting property valuation
• :00.800> of<00:46:02.000> the decreases the uh valuation of the decreases the uh valuation
• uh valuation uh valuation and<01:07:09.039> we<01:07:09.359> ought<01:07:09.440>
• Um, $312 billion in property valuation. Yeah, all valuation.

Keywords: 1189, house, all

Transcript Highlights:

• You'd have to have another preparation from this body in order to increase that.
• This is the same amount from last year; no increase was requested from the department.
• You, Chairman. 2024 if that's the appropriate year that they received an increase.
• So I'm curious why we're not seeing increases to that department here.
• How long ago or when was the most recent increase on this fee structure? Do we know?

Bills: HB4030, HB4031, HB4032, HB4033, HB4034, HB4035, HB4036, HB4037, HB4038, HB4039, HB4040, HB4041, HB4042, HB4043, HB4044, HB4045, HB4046, HB4047, HB4048, HB4049, HB4050, HB4051, HB4052, HB4053, HB4054, HB4056, HB4057, HB4065, HB4067, HB4071, HB4072, SB1144, SB1145, SB1146, SB1147, SB1148, SB1149, SB1156, SB1157, SB1158, SB1159, SB1161, SB1162, SB1163, SB1164, SB1165, SB1166, SB1167, SB1174, SB1175, SB1176

Keywords: education funding, budget appropriations, public schools, teachers' retirement, early childhood education, aeronautics, infrastructure, funding, sustainability, Oklahoma, mining, operator fees, coal production, noncoal mining, department of mines, revenue, state budget, budgetary reform, financial legislation, fiscal accountability

Transcript Highlights:

• For those who have been retired at least eight years as of June 30, there is a 3% increase.
• So improvements to their energy plant would be something that I would imagine would increase economic
• Would be something that I would imagine would increase economic development in that area.
• House Bill 4034 is a piece of legislation that increases the pay of court reporters.
• , court reporter pay increase, and speech-to-text for their court reporters.

Bills: HB4030, HB4031, HB4032, HB4033, HB4034, HB4035, HB4036, HB4037, HB4038, HB4039, HB4040, HB4041, HB4042, HB4043, HB4044, HB4045, HB4046, HB4047, HB4048, HB4049, HB4050, HB4051, HB4052, HB4053, HB4054, HB4056, HB4057, HB4065, HB4067, HB4071, HB4072, SB1144, SB1145, SB1146, SB1147, SB1148, SB1149, SB1156, SB1157, SB1158, SB1159, SB1161, SB1162, SB1163, SB1164, SB1165, SB1166, SB1167, SB1174, SB1175, SB1176, HB4030, HB4031, HB4032, HB4033, HB4034, HB4035, HB4036, HB4037, HB4038, HB4039, HB4040, HB4041, HB4042, HB4043, HB4044, HB4045, HB4046, HB4047, HB4048, HB4049, HB4050, HB4051, HB4052, HB4053, HB4054, HB4056, HB4057, HB4065, HB4067, HB4071, HB4072, SB1144, SB1145, SB1146, SB1147, SB1148, SB1149, SB1156, SB1157, SB1158, SB1159, SB1161, SB1162, SB1163, SB1164, SB1165, SB1166, SB1167, SB1174, SB1175, SB1176

Keywords: education funding, budget appropriations, public schools, teachers' retirement, early childhood education, aeronautics, infrastructure, funding, sustainability, Oklahoma, mining, operator fees, coal production, noncoal mining, department of mines, revenue, state budget, budgetary reform, financial legislation, fiscal accountability

Transcript Highlights:

• . valuation. valuation.
• <00:11:43.200> and of going back to that valuation and of going back to that valuation and
• Um, and valuation, but the next one.
• They have to of the valuation now.
• also increased that from two to four. also increased that from two to four.

Keywords: Meeting Start: 00:00:09 Attendance Roll Call: 00:01:42 Approval of Minutes: 00:03:23 Overview of Actuarial Audit Process: 00:03:47 Overview of Reemployment After Retirement Provisions: 00:25:26 Teachers’ Retirement System: 00:25:26 Kentucky Public Pensions Authority: 00:50:32 Adjournment: 01:02:55, 958, all

Summary: The meeting began with quorum, approval of the prior minutes, and an announcement that the June meeting had been canceled and replaced by this combined May/June meeting; the next official PPOB meeting was announced for July 21 at 2:30. Staff then gave an overview of the Public Pension Oversight Board’s required actuarial audit process, explaining that House Bill 238 requires a review every five years of the retirement systems’ actuarial assumptions and methods, funded by the systems themselves. The presentation distinguished this audit from a financial or forensic audit, described the three possible audit levels (full replication, limited/spot review, or basic review), and noted that the last audit in 2021 was a level one performed by Milleman Consulting at a cost of about $190,000. Members discussed timing for the next audit cycle, with a request to LRC likely needed in July or August to target the June 30, 2026 valuation, and several members expressed interest in another level one review. Questions also addressed whether prior audits found major issues; staff said the 2021 review was generally clean but recommended more consistency in reporting and assumptions across systems. The committee then welcomed new staff and interns, including Odet Guanzi of KPPPA and Team Kentucky intern Amamira Bowman. Bo Barnes of the Teachers Retirement System presented an overview of the statutory framework for reemployment after retirement under KRS 161.605. He explained that the law is intended to let retirees return to help with staffing needs, do so in an actuarially sound way through required contributions, and keep TRS compliant with federal tax rules for a qualified plan under section 401(a). Barnes described the required breaks in service and earnings limits for retirees returning part-time or full-time, including the three-month or 12-month break depending on the employer, the 6,900-day limit, and the daily wage threshold based on years of service. He also noted a lightly used critical shortage program that allows school districts to hire retirees without a wage cap, while still observing the break-in-service rules. Members asked questions about who decides the scope and level of the actuarial audit, how the audit would treat leave balances and other benefit-related items, and whether the prior level one audit identified substantial problems. Staff said the committee would request the audit, but LRC would handle contracting, and that the audit scope could include items like sick leave and annual leave costs if requested. On the reemployment topic, Barnes emphasized that the rules are designed to avoid pre-arranged retire-and-return arrangements that could jeopardize TRS’s tax-qualified status. No formal votes were taken beyond approving the minutes, and the meeting concluded with the presentations and discussion of these pension oversight issues.

Transcript Highlights:

• Because where I think issues are coming into play is larger counties, or their valuations are increasing
• But I'm not sure I can think of any that are dropping; they probably aren't increasing in valuation.
• What's been the average valuation increase?
• Because where I think issues are coming into play is larger counties, or their valuations are increasing
• But I'm not sure I can think of any that are dropping; they probably aren't increasing in valuation,

Summary: The Budget Section met to approve prior minutes and receive a series of budget, revenue, and program updates from OMB, the Tax Department, DOT, DMR, and DPI. OMB reported that general fund revenues through May were about $76 million below the legislative forecast, driven mainly by individual income tax and sales tax shortfalls, though the biennium is still projected to end with a positive balance. OMB also reviewed oil price and production assumptions, the budget stabilization fund transfer above its cap, Legacy Fund performance, federal grant applications, fiscal irregularities, tobacco settlement proceeds, budget guidelines for agencies, vacancy savings, and the DAPL settlement, noting that most of the settlement funds had been deposited but a small amount of accrued interest would require a future deficiency request. The committee then considered Emergency Commission requests. It approved requests for Public Service Commission abandoned mine lands federal authority, an Attorney General FTE and related funding for criminal investigator work tied to the Office of Guardianship and Conservatorship, and a DPI transfer for bridge software costs. After discussion, the committee also approved DPI’s request for a $500,000 transfer for the food vendor program, despite questions about the program’s savings and cash-flow structure. Later, the Tax Commissioner presented the primary residence credit program, reporting that current biennium costs are expected to exceed the appropriation by about $22 million and explaining how the credit interacts with homestead and disabled veteran credits and the 3% property tax levy cap. The Legacy and Budget Stabilization Fund Advisory Board reported strong returns for both funds, and DOT sought and received approval for two flexible fund highway projects on ND 49 and ND 31. DOT also updated members on Highway 85 construction and said remaining flex fund dollars were essentially fully allocated. DMR reported on the abandoned well plugging and site reclamation fund, noting North Dakota’s relatively small orphan well inventory, current and projected fund balances, rising remediation costs, and a possible need to adjust the fund cap in future sessions. Finally, DPI outlined the new integrated formula gap funding program, explaining that it compensates school districts that cannot reach the assumed 60-mill local contribution because of the 3% levy cap; the first year’s gap funding totaled about $1.8 million, with future costs expected to grow.

Transcript Highlights:

• increase?
• But I'm not, I can't think of any that are dropping, but they probably aren't increasing in valuation
• And that's mill valuation.
• I can't think of any that are dropping, but they probably aren't increasing in valuation, and that's
• of valuations are.

Summary: The Budget Section approved the March 18 minutes and received an OMB update showing the general fund is still ahead of the budgeted starting point, but revenues through May are now about $76 million below the legislative forecast, driven mainly by individual income tax and sales tax shortfalls. OMB also reported the budget stabilization fund is above its cap, meaning a transfer to the general fund is expected, and reviewed oil price/production assumptions, noting continued volatility. Members asked about the income tax netting process, the sales tax decline, oil price discounts/premiums, natural gas taxation, and when the executive branch would present its revenue forecast. The committee then acted on several Emergency Commission requests. It approved, as a group, requests for federal mine reclamation funds for the Public Service Commission, an additional criminal investigator FTE and funding for the Attorney General’s office, and a DPI transfer for bridge software costs. It separately approved DPI request 2164 for $500,000 to support the food vendor program after debate over whether the program’s savings were known and whether the money was simply a pass-through. OMB also reported on federal grants, fiscal irregularities, tobacco settlement proceeds, budget guidelines for agencies, FTE pool usage, vacancy savings, and the DAPL settlement, noting the settlement funds had been deposited and that a deficiency appropriation may be needed later to cover remaining accrued interest. Tax Commissioner Brian Kroshus presented on the primary residence credit program, saying participation has grown sharply and that the current biennium will likely need about $431 million, roughly $22 million above the appropriation. He explained how the credit interacts with homestead and disabled veteran benefits, how the 3% property tax cap works, and why county valuations and mill rates vary. The committee also received a Legacy Fund/Budget Stabilization Fund report showing strong returns, and DOT Director Ron Henke received approval for two Flex Fund highway projects on ND 49 and ND 31. Henke also explained remaining Highway 85 funding and said the department is exploring uses for leftover state dollars. Finally, the Department of Mineral Resources reported on abandoned well plugging and site restoration, noting North Dakota remains in relatively strong shape compared with other states, and DPI began a presentation on gap funding tied to the 3% levy cap, reporting 24 districts received $1.8 million in the first year and projecting higher future needs.

Transcript Highlights:

• <00:02:26.400> and Revenue will put out a valuation and Revenue will put out a valuation and
• <00:02:40.760> will<00:02:40.959> be valuation will be valuation will be lowered<00:02:
• And it's not cheap for us either to complete these valuations.
• <00:59:06.880> in is that with a substantial increase in is that with a substantial increase
• > real<00:59:08.960> estate valuations and thus their real estate valuations and thus their

Keywords: 1187, senate, all

Transcript Highlights:

• Valuations tend to be mean-reverting.
• That the benefit has increased in the past.
• If that appropriation increased, then we could increase the benefit.
• to $1.4 million in order to look at proposed increases?
• We modeled it on our current valuation numbers. The FY25 valuation won't be out till October.

Transcript Highlights:

• So if costs for fire protection Roads and schools increased by more than 1%.
• So how large could that valuation gap become after 10 or 20 years under a 1% cap?
• able to increase that value until the property was sold.
• Right now, the valuation is often on a vacant piece of land.
• They started protesting the valuations.

Bills: HJR1024, SB1316, SB1491, SB1552, SB1679, SB1877, SB2040, SB2133, SB2153, SB2174, SB2180, SB227, SJR39, SJR47, SJR48

Keywords: Judicial Nominating Commission, congressional districts, terms of office, Oklahoma Constitution, legal qualifications, political party restrictions, family ties, administrative rules, sunset provision, state agencies, regulatory review, legislative oversight, presidential electors, vacancies, oath of office, political party, elections, county home rule charter, home rule, county government

Transcript Highlights:

• The increases can be both harmful in terms of increasing child support in too small of increments for
• people who have substantial increases in their wages or increasing it too much for people who don't
• It brings us... gives a... takes more things into consideration than just an automatic increase.
• We're asking to increase that to $175 per hour.
• To increase that to a hundred dollars per day.

Bills: HF2233, HF1524, HF1893, HF1396, HF2456, HF2959, HF2300, HF2412, HF3022, HF2825, HF1862, HF1373, HF1039, HF3070

Keywords: Uniform Special Deposits Act, special deposit, banking law, financial institutions, escrow, escrow account, trust account, security deposit, beneficiary, depositor, creditor process, garnishment, attachment, levy, setoff, recoupment, financial market infrastructure, retirement benefits, compensation, earnest money

Transcript Highlights:

• something that they are to some degree obstructed from doing by virtue of our continued practice of increasing
• something that they are to some degree obstructed from doing by virtue of our continued practice of increasing
• something that they are to some degree obstructed from doing by virtue of our continued practice of increasing
• And then, like I mentioned, the appropriation portion of the bill really just reflects an increase in
• <00:53:40.079> in really just um reflects an increase in really just um reflects an increase

Bills: HF2233, HF1524, HF1893, HF1396, HF2456, HF2959, HF2300, HF2412, HF3022, HF2825, HF1862, HF1373, HF1039, HF3070

Keywords: Uniform Special Deposits Act, special deposit, banking law, financial institutions, escrow, escrow account, trust account, security deposit, beneficiary, depositor, creditor process, garnishment, attachment, levy, setoff, recoupment, financial market infrastructure, retirement benefits, compensation, earnest money

Transcript Highlights:

• The increases can be both harmful in terms of increasing child support in too small of increments for
• people who have substantial increases in their wages, or increasing it too much for people who don't
• The increases can be both harmful in terms of increasing child support in too small of increments for
• people who have substantial increases in their wages, or increasing it too much for people who don't
• and the increases than these increases and the increases can<00:52:06.520> be<00:52:06.760>

Bills: HF2233, HF1524, HF1893, HF1396, HF2456, HF2959, HF2300, HF2412, HF3022, HF2825, HF1862, HF1373, HF1039, HF3070

Keywords: Uniform Special Deposits Act, special deposit, banking law, financial institutions, escrow, escrow account, trust account, security deposit, beneficiary, depositor, creditor process, garnishment, attachment, levy, setoff, recoupment, financial market infrastructure, retirement benefits, compensation, earnest money

Transcript Highlights:

• New valuations come in.
• That increase in valuation hits usually in one year.
• Did we see increased valuation as a result? Thank you for the the question.
• It's not that the valuation whether or not the valuation increases. The rate of increase.
• That sometimes increases.

Keywords: 914, all

Transcript Highlights:

• When property values are increasing, sales are increasing, that's going up.
• When property values are increasing, sales are increasing, that's going up.
• We have just valuation criteria that is set forth in the state. we have just valuation criteria that
• An increase as to property value?
• It could only increase 10%. So we had a 19% increase in taxable value.

Summary: The Committee on Finance and Tax met with a quorum present and heard a presentation from the Property Appraisers Association of Florida on ad valorem valuation, exemptions, and the property tax process. Lauren Levy reviewed the legal and historical framework of Florida property taxation, including Save Our Homes, the 10% cap on non-homestead assessments, portability, tangible personal property exemptions, TRIM notices, and the distinction between taxable value and millage rates. He emphasized that property appraisers are independent constitutional officers who assess just value, administer exemptions, and are overseen by the Department of Revenue, with values and exemptions generally determined as of January 1 and subject to challenge through the Value Adjustment Board or circuit court. Mike Twitty described the mass appraisal process in Pinellas County, explaining how property appraisers value large numbers of parcels using the same core approaches as fee appraisals but with statistical testing, field reviews, aerial imagery, and technology. He discussed the importance of budget, staffing, and the January 1 valuation date, and noted that recent hurricanes caused significant damage, increased petitions, and required new procedures to help property owners with value reductions and FEMA-related issues. Paul Polk focused on Department of Revenue oversight, explaining sales ratio studies, uniformity measures such as COD and PRD, time adjustments, sales qualification reviews, and in-depth studies that can lead to corrective action if assessment standards are not met. He also noted that the Department reviews property appraiser budgets to preserve independence from county pressure. Senators asked about the supersized homestead concept, DOR review and rejection standards, value trends, and the impact of storms and new construction on taxable value. Twitty and Polk said value growth has been driven by a mix of new construction, market appreciation, cap resets, and storm-related adjustments, while noting that some counties saw market value decline even as taxable value rose. They also said some property tax relief proposals would be easier to implement than others depending on how local tax bills are structured, especially where law enforcement millage is separately identified. No votes were taken on legislation, and the committee adjourned after the presentation.

Transcript Highlights:

• owners appealing valuations Property owners appealing valuations must<00:03:34.959> disclose<
• without ever reaching the valuation without ever reaching the valuation merits.<00:04:31.040>
• which has no impact on the valuation. which has no impact on the valuation.
• property<00:12:49.680> tax increases the cost of property tax increases the cost of property
• . valuation. valuation.

Keywords: 1183, house

Transcript Highlights:

• And then the last home is looking at a 40% increase, which looks at an 8% increase.
• And then the last home is looking at a 40% increase, which looks at an 8% increase.
• Also, recent valuation increases in the egg tax base have far outpaced valuations of commercial, industrial
• Also, recent valuation increases in the egg tax base have far outpaced valuations of commercial, industrial
• Also, recent valuation increases in the egg tax base have far outpaced valuations of commercial, industrial

Keywords: 1187, senate, all