C.R.S.
Section 24-75-227
Revenue loss restoration cash fund
- creation
- allowable uses
- definitions
- repeal
(1)
As used in this section, unless the context otherwise requires:(a)
“American Rescue Plan Act of 2021” means the federal “American Rescue Plan Act of 2021”, Pub.L. 117-2, as the act may be subsequently amended.(b)
“Department” means a principal department identified in section 24-1-110 and the judicial department. The term also includes the office of the governor, including any offices created therein.(c)
“Fund” means the revenue loss restoration cash fund created in subsection (2) of this section.(2)
Intentionally left blank —Ed.(a)
The revenue loss restoration cash fund is created in the state treasury. The fund consists of money credited to the fund in accordance with subsection (2)(b) of this section and section 24-75-229 (4)(b). Subject to the limitations set forth in subsection (3) of this section, the general assembly may appropriate money from the fund to a department for the provision of government services, including kindergarten through twelfth grade public education, housing, state employees, asset maintenance, seniors, criminal justice, state parks, agriculture, and transportation infrastructure. The general assembly may transfer money from the fund to another cash fund to be used for the provision of such government services.(b)
Intentionally left blank —Ed.(I)
Three days after June 24, 2021, the state treasurer shall transfer one billion dollars from the “American Rescue Plan Act of 2021” cash fund created in section 24-75-226 to the fund.(II)
Repealed.(III)
The fund also includes:(A)
Five million five hundred sixty-three thousand nine hundred eighty-eight dollars from the money the state received from the federal coronavirus state fiscal recovery fund under section 9901 of Title IX, subtitle M of the “American Rescue Plan Act of 2021”, which the state treasurer shall transfer to the fund;(B)
The amounts transferred to the fund in accordance with section 24-75-228 (3.5)(b) and (3.7); and(C)
The amount transferred to the fund in accordance with section 8-13.3-518 (4)(d)(II).(3)
Intentionally left blank —Ed.(a)
The total amount that the general assembly appropriates or transfers from the fund shall not exceed:(I)
Three hundred fifty-seven million dollars for the fiscal year 2021-22;(II)
Three hundred thirty-three million dollars for the fiscal year 2022-23; and(III)
Three hundred ten million dollars for the fiscal year 2023-24.(b)
Intentionally left blank —Ed.(I)
If the amount appropriated, expended, or transferred in a fiscal year from the fund is less than the limit specified in subsection (3)(a) of this section, then the general assembly may appropriate or transfer the remainder for any later fiscal year.(II)
The limit specified in this subsection (3) does not apply to any amount appropriated from the fund for the 2022-23 fiscal year for capital construction, capital renewal, or controlled maintenance, as each term is defined in section 24-30-1301.(c)
On and after January 1, 2022, the general assembly may only appropriate money from the fund through the annual general appropriation act or a supplemental appropriation act.(3.5)
Notwithstanding the limitation in subsection (3)(c) of this section, on July 1, 2022, the state treasurer shall transfer twenty-four million one hundred thirty-one thousand three hundred ninety dollars from the fund to the judicial department information technology cash fund created in section 13-32-114.(3.7)
Notwithstanding any provision of this section to the contrary, no later than three days after May 25, 2022, the state treasurer shall transfer six hundred million dollars from the revenue loss restoration cash fund created in subsection (2) of this section to the title XII repayment fund created in section 8-77-103 (3)(a).(4)
This section is repealed, effective July 1, 2027.
Source:
Section 24-75-227 — Revenue loss restoration cash fund - creation - allowable uses - definitions - repeal, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-24.pdf (accessed Oct. 20, 2023).
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