Colorado § 24-75-220 - State education fund - transfers - surplus - legislative declaration.

§ 24-75-220. State education fund - transfers - surplus - legislative declaration.

(1) Notwithstanding any provision of law to the contrary, on the date on which the state controller publishes the comprehensive annual financial report of the state for the fiscal year 2011-12, the state treasurer shall transfer to the state education fund created in section 17 (4) of article IX of the state constitution fifty-nine million dollars from the general fund surplus designated in accordance with section 24-75-201 (1) for the fiscal year 2011-12, which represents the unrestricted general fund balance after the applicable amount of reserve required pursuant to section 24-75-201.1 (1)(d).

(2) Notwithstanding any provision of law to the contrary, on the date on which the state controller publishes the comprehensive annual financial report of the state for the fiscal year 2012-13, the state treasurer shall transfer to the state education fund created in section 17 (4) of article IX of the state constitution the general fund surplus designated in accordance with section 24-75-201 (1) for the fiscal year 2012-13, which represents the unrestricted general fund balance after the applicable amount of reserve required pursuant to section 24-75-201.1 (1)(d).

(3) (a) The general assembly hereby finds and declares that Senate Bill 13-234, enacted in 2013, required the state treasurer to transfer moneys from the general fund to the old hire plan members' benefit trust fund created in section 31-31-701 (6), C.R.S., to satisfy the state's future required payments. This transfer reduced the amount of the general fund surplus that would otherwise have been transferred to the state education fund created in section 17 (4) of article IX of the state constitution under subsection (2) of this section. The transfers in paragraph (b) of this subsection (3) are intended to reimburse the state education fund for this reduced transfer and they represent the amount the state would have contributed to the old hire plan member's benefit trust fund in the absence of the early pay off.

(b) On April 30, 2014, the state treasurer shall transfer forty-five million three hundred twenty-one thousand seventy-nine dollars from the general fund to the state education fund created in section 17 (4) of article IX of the state constitution. On April 30, 2015, and April 30 of each year thereafter through 2018, the state treasurer shall transfer twenty-five million three hundred twenty-one thousand seventy-nine dollars from the general fund to the state education fund. On April 30, 2019, the state treasurer shall transfer twenty-four million nine hundred ninety-one thousand seven hundred thirty-nine dollars from the general fund to the state education fund.

(4) Repealed.

(5) On July 1, 2019, the state treasurer shall transfer forty million three hundred twenty-six thousand eight hundred ninety-six dollars ($40,326,896) from the general fund to the state education fund created in section 17 (4) of article IX of the state constitution.

(6) (a) On March 1, 2021, the state treasurer shall transfer one hundred thirteen million dollars from the general fund to the state education fund created in section 17 (4) of article IX of the state constitution.

(a.5) On July 1, 2021, the state treasurer shall transfer one hundred million dollars from the general fund to the state education fund created in section 17 (4) of article IX of the state constitution.

(b) On March 1, 2022, the state treasurer shall transfer twenty-three million dollars from the general fund to the state education fund created in section 17 (4) of article IX of the state constitution.

(7) Repealed.

(8) On July 1, 2022, the state treasurer shall transfer two hundred ninety million dollars from the general fund to the state education fund created in section 17 (4) of article IX of the state constitution.

Source: L. 2012: Entire section added, (HB 12-1338), ch. 153, p. 550, § 1, effective August 8. L. 2013: (3) added, (SB 13-234), ch. 180, p. 664, § 2, effective May 10; (4) added, (SB 13-260), ch. 236, p. 1147, § 13, effective May 17. L. 2014: (4) RC&RE, (HB 14-1342), ch. 140, p. 484, § 3, effective May 2; (4)(a)(III.5) added, (HB 14-1339), ch. 299, p. 1253, § 3, effective May 31; (4)(a)(III.4) added, (SB 14-223), ch. 399, p. 2009, § 3, effective June 6. L. 2019: (5) added, (SB 19-246), ch. 151, p. 1789, § 6, effective May 10. L. 2020: (7) added, (HB 20-1418), ch. 197, p. 948, § 25, effective June 30; (6) added, (HB 20-1420), ch. 277, p. 1361, § 6, effective July 11. L. 2021: (6)(a.5) added, (SB 21-208), ch. 85, p. 357, § 1, effective May 4. L. 2022: (8) added, (HB 22-1390), ch. 237, p. 1757, § 29, effective May 26; (8) amended, (SB 22-202), ch. 238, p. 1763, § 2, effective May 26.

Editor's note: (1) Subsection (4)(d) provided for the repeal of subsection (4), effective July 1, 2016. (See L. 2014, p. 484.)

(2) Subsection (7)(c) provided for the repeal of subsection (7), effective July 1, 2021. (See L. 2020, p. 948.)

Cross references: (1) For the legislative declaration in HB 20-1418, see section 1 of chapter 197, Session Laws of Colorado 2020.

(2) For the short title ("Tax Fairness Act") in HB 20-1420, see section 1 of chapter 277, Session Laws of Colorado 2020.

(3) For the legislative declaration in HB 22-1390, see section 1 of chapter 237, Session Laws of Colorado 2022.