First Regular Session
               Seventieth General Assembly
                    STATE OF COLORADO
                                                 INTRODUCED
                                                           
                                                           
 LLS NO. 15-0460.02 Ed DeCecco x4216     HOUSE BILL 15-1058
                    HOUSE SPONSORSHIP
 Becker J., 
 
                   SENATE SPONSORSHIP
 Sonnenberg, 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Finance
 
 
 
 Education
 
 
 
 Appropriations
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning the transfer of the general fund surplus to cash
            funds related to education.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            The unrestricted balance remaining in the general fund at the end
       of a state fiscal year is called the general fund surplus. The bill requires
       the state treasurer to transfer the general fund surplus as follows:
                 70% to the state education fund; and
                 30% to the higher education fund. 
       These transfers begin in the current fiscal year and do not stop until the
       negative factor no longer applies to the financing of public schools. The
       general assembly may appropriate moneys in the higher education fund
       for any purpose related to higher education. 
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 24-75-220, add (5)
       as follows:
            24-75-220.  State education fund - college opportunity fund -
       transfers - surplus - legislative declaration - repeal.
       (5) (a)  Notwithstanding any provision of law to the contrary,
       for each state fiscal year commencing on or after July 1, 2014,
       until otherwise specified in paragraph (d) of this subsection (5),
       the state treasurer shall transfer the general fund surplus for
       the fiscal year that is designated in accordance with section
       24-75-201 (1) as follows:
            (I)  Seventy percent to the state education fund created
       in section 17 (4) of article IX of the state constitution; and
            (II)  Thirty percent to the higher education fund created
       in section 24-75-1001.
            (b)   The state treasurer shall make the fiscal year
       transfer required by paragraph (a) of this subsection (5) on the
       date that the state controller publishes the comprehensive
       annual financial report of the state for the fiscal year.
            (c)  In calculating the general fund surplus described in
       this subsection (5), the state controller shall account for
       overexpenditures, expected accrual adjustments, refunds
       required under section 20 of article X of the state constitution,
       and the statutory reserve specified in section 24-75-201.1 (1) (d)
       (XIV).
            (d)  The state treasurer shall stop transferring the
       general fund surplus under this subsection (5) beginning with
       the first fiscal year that the department of education is not
       required to implement a reduction in total program funding
       through the application of a negative factor as provided in
       section 22-54-104 (5) (g), C.R.S., or any other provision of law. No
       later than June 30 of a fiscal year, the commissioner of
       education shall notify the state treasurer and the state
       controller if this condition has been met for the fiscal year.
            SECTION 2.  In Colorado Revised Statutes, repeal and reenact,
       with amendments, 24-75-1001 as follows:
            24-75-1001.  Higher education fund. The higher education
       fund is created in the state treasury. The fund consists of
       moneys that the state treasurer transfers to the fund in
       accordance with section 24-75-220 (5). The general assembly may
       annually appropriate moneys in the fund for any purpose
       related to higher education. The general assembly shall not
       appropriate or transfer the moneys in the fund for any other
       purpose. Any moneys in the higher education fund not expended
       may be invested by the state treasurer, as provided by law, or
       used in accordance with the "Funds Management Act of 1986",
       part 9 of this article. All interest and income derived from the
       investment and deposit of moneys in the fund are credited to the
       fund. Any unexpended and unencumbered moneys remaining in
       the fund at the end of a fiscal year remain in the fund and shall
       not be credited or transferred to the general fund or another
       fund.
            SECTION 3.  Safety clause. The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.