Colorado Legislative Council Staff
STATE
CONDITIONAL FISCAL IMPACT
Drafting Number: Prime Sponsor(s): |
LLS 99-0970 Sen. Rupert |
Date: Bill Status: Fiscal Analyst: |
April 26, 1999 Senate SVMA Steve Tammeus (866-2756) |
TITLE: CONCERNING THE RETENTION OF STATE REVENUES IN EXCESS OF THE CONSTITUTIONAL LIMITATION ON STATE FISCAL YEAR SPENDING FOR A CERTAIN FISCAL YEAR FOR THE PURPOSE OF FINANCING THE RENOVATION OF THE STATE CAPITOL BUILDING.
Fiscal Impact Summary |
FY 1999/2000 |
FY 2000/2001 |
State Revenues General Fund Cash Fund Exempt |
Income Tax Reduction up to $140,000,000 |
Income Tax Reduction Gifts and Donations |
State Expenditures General Fund - Transfer Cash Fund Exempt |
up to $140,000,000 |
up to $140,000,000 |
FTE Position Change |
0.0 FTE |
0.0 FTE |
Other State Impact: TABOR |
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Effective Date: Upon proclamation of approval of the voters. |
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Appropriation Summary for FY 1999-2000: General Fund - up to $140,000,000 |
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Local Government Impact: None |
Summary of Legislation
This bill refers a measure to the voters at the next General Election to retain up to $140 million of state revenue in excess of the constitutional limit on state spending for FY 1998-99 for the purpose of renovation of the State Capitol Building. The amount of retained excess revenue is to be allocated to the State Capitol Building Renovation Fund. Any moneys allocated to the fund are to be considered a voter-approved revenue change, and are not to be considered an appropriation subject to state spending limitations.
The bill authorizes a project to renovate and restore the State Capitol Building, commencing no later than October 1, 2001, and extending for a period not to exceed three years. The State Treasurer is to transfer such moneys from the state General Fund to the renovation fund no later than March 1, 2000. The bill specifies such moneys are to be expended on structural renovation, health and life safety improvements, accessibility, advanced communications and climate infrastructure, and historical restoration and preservation.
The bill requires the General Assembly to designate an oversight committee to oversee the project. The bill prohibits the authorization of new taxes to generate new revenue to support the costs of the project. The bill authorizes the Department of Personnel to accept monetary gifts and other nongovernmental contributions for deposit to the State Capitol Building Renovation Fund. These gifts are to be considered as gifts to the public and may be tax deductible as charitable contributions. Moneys in the renovation fund are to be subject to annual appropriation by the General Assembly.
State Revenues
This bill authorizes the Department of Personnel to accept grants, gifts, and donations for credit to the State Capitol Building Renovation Fund. This authority exists under current law per section 24-82-109, C.R.S. Any moneys credited to the fund, as gifts and donations, are considered to be exempt from state revenue considerations for TABOR.
The amount of these gifts may be tax deductible as charitable contributions which will reduce state income tax revenues to the General Fund. The amount of the revenue reduction has not been estimated.
State Expenditures
This bill authorizes up to $140,000,000 of excess state revenue and the amount of any additional gifts or donations to be expended on the restoration of the State Capitol Building during FY 2000-01, FY 2001-02, and FY 2002-03.
Other State Impact
This bill, if approved by the voters, will reduce the amount of any TABOR refund to be paid to the taxpayers during FY 1999-2000 for FY 1998-99 by up to $140 million.
State Appropriations
This bill will require a General Fund appropriation of up to $140,000,000 to the State Capitol Building Renovation Fund for FY 1999-2000.
Departments Contacted
Legislative Council Staff Personnel