Colorado Legislative Council Staff
STATE
REVISED FISCAL NOTE
(Replaces Fiscal Note dated January 5, 1998)
General Fund Revenue and Expenditure Impact
Cash Fund Revenue Impact
Drafting Number: Prime Sponsor(s): |
LLS 98-113 Sen. Wham Rep. George |
Date: Bill Status: Fiscal Analyst: |
February 16, 1998 Senate Appropriations Steve Tammeus (866-2756) |
TITLE: CONCERNING AN EXTENSION OF THE ANNUAL GENERAL FUND TRANSFER TO THE CAPITAL CONSTRUCTION FUND.
Summary of Legislation
STATE FISCAL IMPACT SUMMARY |
FY 1998/99 |
FY 1999/00 |
FY 2000/01 |
FY 2001-02 |
State Revenues GF- Investment Earnings CCFE - Investment Earnings |
|
($6,000,000) Increase* |
($6,000,000) Increase* |
($6,000,000) Increase* |
State Expenditures GF - Transfer to CCFE Other Fund |
|
$100,000,000 |
$100,000,000 |
$100,000,000 |
FTE Position Change |
None |
None |
None |
None |
Local Government Impact — None |
* The amount of the investment earnings increase, if any, is dependent upon how quickly the fund balance is appropriated to capital construction projects during each year.
This bill, as referred by the Senate Finance Committee (Senate Journal, January 21, 1998, page 80), requires an additional annual transfer of $100 million from the General Fund to the Capital Construction Fund Exempt (CCFE) for FY 1999-00, FY 2000-01, and FY 2001-02. The bill would become effective upon the signature of the Governor.
This bill will reduce investment earnings to the General Fund and increase earnings to the Capital Construction Fund. Therefore, the bill is assessed as having a fiscal impact.
State Revenue
Moneys in the General Fund are invested at an average annual earnings rate of 6.0 percent. The provisions of this bill will reduce General Fund investment earnings by $6,000,000 for FY 1999-00, FY 2000-01, and FY 2001-02.
State Expenditures
This bill does not authorize or create state expenditures, but transfers $100,000,000 from the General Fund to the Capital Construction Fund for further appropriation.
Spending Authority
This fiscal note would imply that no new state spending authority or appropriations are required to implement the provisions of the bill for FY 1998-99.
Departments Contacted
Treasury Legislative Council Staff