Date: 02/01/2006
Final
BILL SUMMARY for HB06-1114
HOUSE COMMITTEE ON FINANCE
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02:16 PM -- House Bill 06-1114
Representative Lundberg, prime sponsor, explained that House Bill 06-1114 creates the Revenue Shortfall Relief Fund in the State Treasury. In years for which General Fund revenue is insufficient to allow for 6 percent growth in General Fund appropriations, the bill allows the General Assembly to transfer money from the Revenue Shortfall Relief Fund to the General Fund in order to reach 6 percent General Fund growth. Representative Lundberg explained that any transfers from the fund would require an affirmative vote of two-thirds of each house of the General Assembly.
The committee discussed whether there are any funds created in statute that do not have funding mechanisms. Representative Lundberg responded saying that the bill creates a legal mechanism that prepares Colorado for its future. Representative Lundberg closed by saying that the state needs a mechanism in place that will prepare the state for an economic downturn.
After a brief committee discussion, Representative Vigil, Chairman, laid over the bill until February 8, 2006.