Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu
HB16-1421

Allocate Additional FY Fiscal Year 2016-17 General Fund Revenues

Concerning the allocation of additional general fund revenues made available for expenditure in fiscal year 2016-17 due to the enactment of legislation to end the state collection of hospital provider fee revenues that are counted against the state fiscal year spending limit, and, in connection therewith, prioritizing the allocation of such revenues, in order, for the highway users tax fund, repayment of the state severance tax trust fund and the local government severance tax fund of money diverted from those funds to the general fund in fiscal year 2014-15, reduction in the amount of fiscal year 2016-17 public school finance negative factor, and mitigation of tuition increases at state-supported institutions of higher education.
Session:
2016 Regular Session
Subject:
State Revenue & Budget
Bill Summary

Contingent upon the passage of legislation (the CHASE Act) that eliminates the hospital provider fee at the end of fiscal year 2015-16, the bill:
  • Requires legislative council staff, as part of its 2016 economic and revenue forecast, to estimate the total amount of general fund revenues that the state would have been required to make unavailable for expenditure in fiscal year 2016-17 and refund in fiscal year 2017-18 but for the enactment of the CHASE Act; and
  • Requires the amount estimated by legislative council staff to be allocated as follows:
  • On September 30, 2016, the state treasurer must transfer the lesser of the full amount or $50 million to the highway users tax fund (HUTF);
  • On September 30, 2016, the state treasurer must transfer the lesser of the full amount remaining after the HUTF transfer has been made or a total amount of $16.2 million in equal parts to the state severance tax trust fund and the local government severance tax fund as repayment of money diverted from those funds to the general fund in fiscal year 2014-15;
  • The lesser of the full amount remaining after the HUTF and severance tax fund transfers have been made or a total amount of $40 million must be used to reduce the 2016-17 public school finance negative factor; and
  • The lesser of the full amount remaining after the HUTF and severance tax fund transfers and the negative factor allocation have been made or $49.5 million is allocated to governing boards of state-supported institutions of higher education to reduce fiscal year 2017-18 tuition increases and provide additional student financial assistance.

(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)

Status

Introduced
Lost

Menu

Bill Text

Sponsors

Sponsor Type Legislators
Prime Sponsor

Rep. D. Hullinghorst

Sponsor

Co-sponsor

COVID-19 Resources
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.