Colorado § 24-30-210 - Cash fund solvency fund - creation - loans - report - legislative declaration.

§ 24-30-210. Cash fund solvency fund - creation - loans - report - legislative declaration.

(1) The general assembly hereby finds and declares that:

(a) When fee-funded programs use multi-year licensing and service periods, state agencies may have revenue shortfalls during off-cycle years in which revenue collections are dramatically lower than they are in on-cycle years;

(b) The COVID-19 pandemic has reduced fee revenue or disrupted the fee cycle for many state programs, which exacerbates the need for a multi-year, cash-management solution to smooth out revenue fluctuations;

(c) Fee-funded state programs should be able to weather the current and future economic downturns without resorting to large, short-term fee increases on businesses and Coloradans as they are recovering from the downturn; and

(d) Providing fee-funded programs adequate, multi-year flexibility to manage cash flows while also maintaining the existing safeguards against overcharging fee payers for services is an important state function.

(2) The cash fund solvency fund, referred to in this section as the "fund", is hereby created in the state treasury. The fund consists of money credited to the fund pursuant to subsection (4) of this section and any other money that the general assembly may appropriate or transfer to the fund. The state treasurer shall credit all interest and income derived from the deposit and investment of money in the cash fund solvency fund to the fund.

(3) (a) Notwithstanding any provision of law to the contrary, upon the request of the office of state planning and budgeting, the state controller may transfer money from the fund to another cash fund if the state controller determines that:

(I) The primary source of revenue in the cash fund is from fee revenue;

(II) The fee revenue is collected on a multi-year licensing and service period or there has been an unexpected, significant decrease in fee revenue collected; and

(III) The cash fund will have a deficit based on current expenditures in the absence of a significant fee increase, unless a loan is made to the cash fund.

(b) After a transfer to a cash fund under subsection (3)(a) of this section, the state controller shall transfer the same amount of money from the cash fund back to the cash fund solvency fund in one or more installments. The state controller shall establish the terms of the repayment transfers, which may be over multiple fiscal years.

(4) On July 1, 2021, the state treasurer shall transfer three million one hundred thousand dollars from the general fund to the fund.

(5) Notwithstanding section 24-1-136 (11), on or before November 1, 2021, and each November 1 thereafter, the state controller shall annually report to the joint budget committee and the office of state planning and budgeting about any transfers that have been made under this section, the terms of the repayment transfers, and the amount that has been repaid.

Source: L. 2021: Entire section added, (SB 21-283), ch. 303, p. 1819, § 1, effective June 23.

PART 3

DIVISION OF BUDGETING

24-30-301 to 24-30-307. (Repealed)

Source: L. 76: Entire part repealed, p. 306, § 44, effective May 20.

Editor's note: This part 3 was numbered as article 31 of chapter 3, C.R.S. 1963. For amendments to this part 3 prior to its repeal in 1976, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

PART 4

MOTOR VEHICLE POOLS

24-30-401 to 24-30-403. (Repealed)

Source: L. 92: Entire part repealed, p. 1007, § 5, effective July 1.

Editor's note: (1) This part 4 was numbered as article 4 of chapter 3, C.R.S. 1963. For amendments to this part 4 prior to its repeal in 1992, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

(2) Provisions relating to motor vehicle pools are now located in part 11 of this article.

PART 5

DIVISION OF PUBLIC WORKS

24-30-501 to 24-30-509. (Repealed)

Source: L. 75: Entire part repealed, p. 822, § 21, effective July 18.

Editor's note: (1) This part 5 was numbered as article 1 of chapter 106, C.R.S. 1963. For amendments to this part 5 prior to its repeal in 1975, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

(2) When the division of public works was abolished in 1975, its powers, duties, and functions were transferred to the office of state planning and budgeting. These were then repealed in 1979; except that the substantive provisions of § 24-30-508, concerning the provision of maintenance for the state capitol buildings group, were retained in § 24-82-101.

PART 6

DIVISION OF AUTOMATED DATA PROCESSING

24-30-601 to 24-30-607. (Repealed)

Source: L. 87: Entire part repealed, p. 984, § 7, effective July 1.

Editor's note: This part 6 was numbered as article 26 of chapter 3, C.R.S. 1963. For amendments to this part 6 prior to its repeal in 1987, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

PART 7

CLAIMS AGAINST STATE - CLAIMS COMMISSION

24-30-701 to 24-30-711. (Repealed)

Source: L. 77: Entire part repealed, p. 1176, § 2, effective January 1, 1978.

Editor's note: This part 7 was numbered as article 10 of chapter 130, C.R.S. 1963. For amendments to this part 7 prior to its repeal in 1978, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

PART 8

INCENTIVE AWARD SUGGESTION SYSTEM

24-30-801 to 24-30-805. (Repealed)

Source: L. 2004: Entire part repealed, p. 304, § 2, effective April 7.

Editor's note: This part 8 was numbered as article 20 of chapter 3, C.R.S. 1963. For amendments to this part 8 prior to its repeal in 2004, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume.

PART 9

TELECOMMUNICATIONS COORDINATION WITHIN STATE GOVERNMENT

24-30-901 to 24-30-909. (Repealed)

Source: L. 2008: Entire part repealed, p. 1131, § 18, effective May 22.

Editor's note: This part 9 was numbered as article 30 of chapter 3, C.R.S. 1963. For amendments to this part 9 prior to its repeal in 2008, consult the Colorado statutory research explanatory note and the table itemizing the replacement volumes and supplements to the original volume of C.R.S. 1973 beginning on page vii in the front of this volume. The provisions of this part 9 were relocated to part 5 of article 37.5 of this title. For the location of specific provisions, see the editor's notes following those sections that were relocated in said part 5.

PART 10

OFFICE OF ADMINISTRATIVE COURTS

Law reviews: For article, "Hidden in Plain Sight: The Office of Administrative Courts' ADR Program", see 43 Colo. Law. 31 (Jan. 2014).